A case has been registered against BJP MLA and former minister Ramesh Jarkiholi and two others for violating the condition of the loan taken from the Karnataka Cooperative Apex Bank and its other banks of its group.

According to the FIR, the general manager of the bank has charged that Soubhagya Laxmi Sugars Ltd Chairman and Managing Director Ramesh Jarkiholi and its two directors Vasant V Patil and Shankar A Pawade had borrowed a loan of Rs 232.88 crore loan from July 12, 2013 to March 31, 2017 from the Karnataka Cooperative Apex Bank and other banks of its group for the establishment and expansion of the firm.

The accused had a balance of Rs 439.07 crore as on August 31, 2023, the complainant said.

He added that there was a condition that till the loan was repaid, the firm was not supposed to change the managing director and its directors.

Despite this condition, the accused appointed unknown persons in his place without informing the bank and "with an intention to cheat," the complaint said.

The Vishveshwarapuram police registered a case against the trio under sections 406 (criminal breach of trust), 420 (cheating) and 34 of the IPC.

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