Ramesh Jarkiholi.
Credit: DH Photo/B K Janardhan
Gokak BJP MLA Ramesh Jarkiholi and two others have been booked after the general manager of a cooperative bank in Bengaluru's Chamarajpet accused them of cheating and not repaying a loan amounting to Rs 439 crore.
Rajanna, the general manager (banking) of the Karnataka State Co-operative Apex Bank Ltd, alleged that Jarkiholi, who was the then chairman and managing director of Soubhagya Lakshmi Sugars Limited in Belagavi district's taluk headquarters, Gokak, and Vasanth V Patil and Shankar A Powade, the then directors also named as suspects, filed for a loan to establish the factory.
Between July 12, 2013, and March 31, 2017, the FIR noted that a Rs 232.88-crore loan was released in installments from the Karnataka State Co-Operative Apex Bank Ltd and its other branches after the laid-out conditions were approved. Rajanna alleged that the loan wasn’t repaid and as of August 31, 2023, the debt stood at Rs 439.07 crore.
Directors changed
Rajanna said the condition stipulated that before the loan was repaid, Soubhagya Lakshmi Sugars Limited’s managing director or directors could not be changed without informing the bank. But this was violated, he added.
"With an intent to cheat and skip the repayment of loans, without informing the bank, the three relinquished their roles and appointed other people as the directors and cheated the bank," Rajanna alleged in his police complaint.
Rajanna approached the VV Puram police on January 5 and filed the complaint. VV Puram police booked Jarkiholi, Patil and Powade under IPC sections 406 (punishment for criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property) and 34 (acts done by several persons in furtherance of common intention). Investigations are on, police said.