The Chennai police finally caught and arrested M. Srinivasan (43) of Thiruvalluvar Colony, Anna Nagar West in connection to the bank fraud cases registered against him.
His partners in crime had been arrested sometime ago but he had been absconding since a very long time. The police finally caught him last week.
According to the police, the accused forged documents to get loans from public sector banks. He had managed to get around 27 loans of approximately Rs 5 crore, from various banks including the Punjab National Bank, Allahabad Bank, Vijya Bank Repco Bank and State Bank of India.
The loans were taken for the pharmaceutical company, owned by him, in Anna Nagar and Ambattur Industrial Estate.
Earlier on the basis of the complaints from the managers of Syndicate bank, Indian Bank, Central Bank of India and Indian Overseas Bank, the Central Crime Branch Police (Bank Fraud Wing) had registered a case against Srinivasan for forging property documents to get loans.