Case against bank official for cheating businessman – The New Indian Express

Express press service

KOCHI: Police have filed a complaint against a bank official and agent for allegedly deceiving a Kochi-based businessman into increasing interest on a car loan and taking out additional car insurance over the existing policy in his knowledge.

The case was filed against private bank employee Sumesh and car agent Antony based on the complaint of Jose Sebastian, the owner of Jose Electricals in MG Road. According to José, this was the second time the interest on his car loan had been increased without his approval.

When he buys his first car, a BMW M2 Competition, the private banking agency Palarivattom offers him a car loan with an interest rate of 7%. “But without informing me, the rate was then increased to 12%. In 2020 I bought another car – BMW X5 MSport. The same agency offered me a loan at 7.5% interest. This time again the rate was increased without my knowledge to 12%,” he said.

“Following that, I concluded the loan of the first car. Now I will have to pay more than 12 lakh due to the rising interest rate for the second car,” he said. That was not all. He was also duped on the auto insurance of his second car. “I had taken out insurance for my second car in 2020 which had a premium of around $80,000. Last year I changed car ownership from my name to my company name.

The insurance was to expire on December 31. While taking quotes from various insurance companies, I learned that a second policy had been taken out for the same car without my knowledge. The additional cover was taken for 1.87 lakh and the amount was added to the existing car loan,” he said.

Jose later found out that the bank manager had quit his previous job and moved to another bank. The second defendant in the car agent case, who Jose said worked for the bank manager. “I suspect the duo could have fooled a lot more unsuspecting people,” he said. Ernakulam Central Police Station registered the case on January 5 for cheating.

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