Denied loan, wannabe entrepreneurs rob bank | india | Hindustan Times
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Denied loan, wannabe entrepreneurs rob bank

india Updated: Dec 22, 2011 00:34 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Two young men in Madhya Pradesh apply for a bank loan to set up a small business. The bank refuses the loan. Next step: they rob the bank, and set up their business with the money. Police track them down. The ‘board of directors’ is in jail now — all within a span of three months.

Police arrested Ajay Jatav, 22, and Devendra Patel, 21, on Wednesday for looting Rs 14.92 lakh from the Bagh Sewania branch of Andhra Bank in the state capital on September 3.

Jatav, who holds a diploma in computer applications, and Patel had hurled chilly powder in the eyes of the bank’s security guard and brandished air pistols to hold the staff and customers hostage during their robbery, police said.

Inspector general of police Vijay Yadav said the duo had detected loopholes in the security system at the bank and decided to commit the crime.

Senior superintendent of police Yogesh Choudhary said the duo had tried throw the police off their trail after the loot by riding off (on the bank manager’s bike) in one direction, but doubling back later.

Police have seized Rs 2.63 lakh along with computers and other equipment the duo had purchased with the loot money to set up their business, which primarily involved data entry.

Police said Jatav and Patel had set up an office with 12 computers in the city and had hired half-a-dozen operators after interviews. The duo was arrested just before the first big payment for their data entry work was to arrive.

Police said the duo had no criminal record.