Mangalore Police Arrest Three in Multi-Crore Bank Fraud Case
Mangalore: The Mangalore City Police have apprehended three individuals suspected of defrauding a local bank of several crores of rupees by submitting falsified documentation under the Micro, Small & Medium Enterprises (MSME) scheme. The arrests, made in connection with two separate cases, underscore ongoing efforts to combat financial crimes within the city.
The apprehended individuals have been identified as Muneer Kadaman Abubaker, 53, residing in Ujjodi; Hussain P, 52, a resident of Nandigudda; and Mohammed Mustafa, 27, of Jeppu. Authorities allege that the accused established a company, fabricated supporting documents, and subsequently defrauded a bank branch located in Mallikatte of a substantial sum under the guise of a business loan.
According to preliminary investigations, the accused purportedly colluded with bank officials to secure loans in the name of their organization. These funds were then allegedly diverted to various accounts and utilized for personal enrichment, representing a breach of financial trust and a violation of established banking protocols.
The investigation was initiated following a formal complaint lodged on September 16th by the Chief Manager of the State Bank of India, Mallikatte branch. The complaint alleges that M/s Electro World Enterprises submitted fraudulent documents under the MSME scheme, leading to the sanctioning of a loan amounting to approximately Rs 1 crore 20 lakh. A similar modus operandi was reportedly employed by M/s MH Enterprises, which allegedly secured a loan of around Rs 1 crore 30 lakh using falsified documentation. Instead of utilizing the funds for the stated business purpose, the accused allegedly transferred the money to various bank accounts for their own use, thereby inflicting financial loss upon the bank.
Following the registration of the case, law enforcement authorities launched an operation that resulted in the arrest of Muneer Kadaman Abubaker, identified as the primary suspect associated with M/s Electro World Enterprises, and Hussain P, accused of assisting him in the alleged scheme. Mohammed Mustafa, the owner and the main accused of M/s MH Enterprises, was also taken into custody in connection with the parallel case.
During the course of the investigation, it was revealed that Muneer Kadaman Abubaker is implicated in both cases, suggesting a coordinated effort to defraud the bank. In a formal statement, the Police Commissioner announced that both cases have been transferred to the CCB Mangalore unit for further investigation, indicating the seriousness with which authorities are treating the matter and their commitment to uncovering the full extent of the alleged fraud. The investigation is ongoing.