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Builder nabbed for cheating MCC bank to the tune of Rs 63.39 lakh

News Karnataka 2019-08-11 18:24:00

Mangaluru: Mangaluru City police arrested a businessman, who allegedly misused public money and cheated Mangaluru Catholic Co-Operative (MCC) Bank to the tune of Rs 63.39 lakh.

The arrested has been identified as John Sylvester Saldanha, a partner of Providence Builders and Developers. According to the sources, John Sylvester Saldanha and Zeena Roopa Saldanha are the partners of Providence Builders and Developers in city. Both had applied for a loan from the Ashok Nagar branch of MCC Bank in the year 2012 for a residential complex Providence Cascade, which has 38 flats. Bank had scrutinised the documents and sanctioned a loan of Rs 1.38 crore on an agreement.

As per the agreement, flats can be sold with the knowledge of the Bank which has given loan. Initially, the partners of building sold 13 flats with the permission of the MCC Bank and paid a little amount to the bank. Later, they sold the remaining 25 flats without the knowledge of the Bank. Though the partners needed to pay a huge amount of Rs 63,39,256 to the MCC Bank, they did not pay.

Despite, repeated notices to the partners from the bank, they did not respond. Following which, the MCC Bank manager filed a complaint against  John Saldanha and Zeena Roopa Saldanha, alleging that they have misused public money and cheated the Bank. As per the complaint, police registered case under IPC Section 34, 406, 420 and 417 and arrested John Saldanha. However, another partner Zeena Roopa Saldanha is yet to be arrested.


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