Latest news with #RameshJarkiholi
Time of India
26-04-2025
- Business
- Time of India
CID charges Jarkiholi with 439 crore 'bank fraud'
BENGALURU: Karnataka CID has filed a chargesheet in a Bengaluru court against BJP MLA and former minister Ramesh Jarkiholi and others for allegedly defrauding Karnataka Cooperative Apex Bank and associated district cooperative banks of Rs 439 crore, including principal and interest. The bank's GM filed a police complaint in Jan last year, alleging that Soubhagya Laxmi Sugars Ltd (Gokak) chairman Jarkiholi, along with directors Vasant V Patil and Shankar A Pawade, borrowed Rs 232 crore from July 2013 to March 2017 from the bank and other lenders. However, they are accused of violating the loan conditions, which stipulated that the firm would not alter its board until the loan was repaid. "The accused appointed others, and this was done with an intention to cheat," the complaint reads. Jarkiholi and others approached Karnataka HC, which rejected their plea to quash the FIR. After this, CID submitted the chargesheet on April 22. Meanwhile, before the chargesheet was filed, Jarkiholi repaid Rs 120 crore. "The bank informed us that Jarkiholi paid Rs 120 crore. Next, we will submit a supplementary chargesheet as we are yet to conclude our probe," CID told TOI. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
26-04-2025
- Business
- Time of India
Ramesh Jarkiholi repays Rs 120 crore beforeCID files chargesheet in bank fraud case
Bengaluru: CID, probing a cheating case against BJP MLA and former minister Ramesh Jarkiholi and others, filed a chargesheet to a special court stating they duped the Karnataka Cooperative Apex Bank to the tune of Rs 439 crore. The complaint was filed at VV Puram police station in Jan 2024 by the general manager of the bank. It stated that Soubhagya Laxmi Sugars Ltd (Gokak) chairman and managing director Jarkiholi, along with other directors Vasant V Patil and Shankar A Pawade, borrowed Rs 232 crore from July 2013 to March 2017 from the bank and other lenders of its group for the establishment and expansion of the firm. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru However, they later violated the bank's conditions that the firm should not alter its board of directors until the loan was repaid. "Instead, the accused persons appointed others, and this was done with an intention to cheat," the complaint read. Later, the case was transferred to a CID team, headed by SP (financial intelligence) Raghavendra Hegde. Meanwhile, Jarkiholi and others approached the high court, seeking quashing of the FIR, but in vain. After the HC gave the green signal, CID submitted the chargesheet on April 15. According to the chargesheet, which runs into around 5,000 pages and contains statements of 70 witnesses, Jarkiholi, Patil, and Pawade duped the bank to the tune of Rs 439 crore. Meanwhile, shortly before the chargesheet was filed, Jarkiholi repaid Rs 120 crore to the bank, CID sources said. However, the chargesheet does not mention the repayment. "The bank officials communicated with us stating that Jarkiholi paid Rs 120 crore. Next, we will submit a supplementary chargesheet as we are yet to conclude our investigation," a senior CID officer told STOI.
The Hindu
25-04-2025
- Business
- The Hindu
CID files chargesheet against Ramesh Jarkiholi
The Criminal Investigation Department (CID) has filed a chargesheet against BJP MLA and former Minister Ramesh Jarkiholi and two of his associates for allegedly defrauding Karnataka State Cooperative Apex Bank Ltd. and four district central cooperative (DCC) banks to the tune of ₹439.12 crore. The chargesheet was filed on Tuesday, April 22, sources said. The 4,888-page chargesheet was filed after the High Court of Karnataka permitted the CID to do so, sources said. Mr. Jarkiholi had approached the High Court to quash the FIR against him, and while hearing that petition, the court permitted the CID to file their chargesheet, sources said. The case pertains to loans worth ₹232.88 crore granted by Karnataka State Cooperative Apex Bank and the DCC banks of Vijayapura, Tumakuru, Dakshina Kannada, and Uttara Kannada to Gokak-based Sowbhagya Lakshmi Sugars between 2013 and 2017. During this period, Mr. Jarkiholi was the chairman and managing director of the company, and the board had two of his close associates, Vasanth V. Patil and Shankar C. Pavade, as directors. While the banks had put forth a condition that no changes can be made without their knowledge until the loans are cleared, Mr. Jarkiholi, Mr. Patil, and Mr. Pavade exited the company without notifying the banks, and neither was the loan repaid, sources said. Including penalty, interest and the principal, the loan outstanding has now grown to ₹439.12 crore, sources said. The CID Economic Offences Wing that probed the case has now chargesheeted the former Minister and two of his associates for cheating, among other crimes, sources said. Meanwhile, sources said that the day the CID filed its chargesheet, the company repaid part of its outstanding loan to the banks.
