Udupi: Syndicate Bank Deputy General Manager, SS Hegde refuted claims regarding the bank fraud at Malpe branch.

Hegde clarified after the allegations were made that Fisheries minister, Pramod Madhwaraj had obtained a loan of Rs 193 crore by furnishing documents of property worth just Rs 1.1 crore as collateral.

However, Madhwaraj has rubbished allegations of bank fraud and requested people not to believe false rumours.

Hegde said that Pramod Madhwaraj was a valued customer of the bank. The minister has provided required guarantees for the loan. The minister was granted business and personal loans by following proper rules, he added.