Man Dupes Bank Of Baroda Of Rs2 Crore

Hyderabad: A 56-year-old man from Mumbai was arrested on Wednesday for allegedly duping Rs2 crore from a bank in the city.

The accused identified as Vimal Goel alias Vimal Chand Jain, a resident of Dadar East in Mumbai has borrowed a loan on his firm GM Jewellers from Bank of Baroda, Himayath Nagar branch. He mortgaged a property situated at Road No. 7, Banjara Hills on the surety of his friend Sheik Basheed.

In an inquiry, it was found that the guarantor Sheik has already obtained a loan from a bank by mortgaging the same property. Based on the complaint of Nageshwar Rao, Chief Manager of the bank, the police arrested Vimal for defrauding the bank and transferring the loan amount to different companies from his personal account.

The police on investigation found that Vimal earlier cheated various banks to the tune of Rs11.4 crore.