Karnataka: FIR against BJP MLA Ramesh Jarkiholi over alleged unpaid bank loans

Bank manager Rajanna filed an FIR against Gokak MLA Ramesh Jarakiholi and others for an unpaid 439 crore 7 lakh loan from Karnataka State Cooperative Apex Bank. Allegations claim breach of trust and deceitful actions, accusing the accused of fraud under IPC 420. The complaint highlights the non-repayment of loans by Saubhagyalakshmi Sugars Ltd.

A complaint has been lodged with the VV Puram police station by bank manager Rajanna, targeting former minister and Gokak MLA Ramesh Jarakiholi along with three others for purportedly engaging in fraudulent activities related to an unpaid loan from the bank.

The FIR names MLA Ramesh Jarakiholi and two office bearers of Saubhagyalakshmi Sugars Limited, Vasanth V Patil and Shankar Pavade. The complaint, under IPC 420, was registered by the manager against the accused individuals.

Gokak Election Results 2023: Neck-and-neck battle between BJP and Congress in Gokak

According to the case's background, Saubhagya Lakshmi Sugars Ltd., situated in Gokak, Belgaum, obtained loans from the Karnataka State Cooperative Apex Bank, Chamarajpet, for various purposes such as company establishment, expansion, and maintenance. Between 2013 and 2017, loans totalling 232 crore 88 lakh were sanctioned. However, as of 2023, an outstanding loan amount of 439 crore 7 lakh remains due to non-payment.

The allegation levied against Bank manager Rajanna is that he purportedly breached the bank's trust by not repaying the loan and vacating management board positions without any prior information, allegedly with the intent to deceive.