Udupi: The Syndicate Bank Deputy General Manager (DGM) S S Hegde has refuted alleged fraud at Malpe branch of the bank.

This announcement was made in connection with the allegations that minister Pramod Madhwaraj had obtained a loan of Rs 193 crore by furnishing documents of property worth just Rs 1.1 crore as collateral.

Earlier Pramod Madhwaraj had denied the allegations of any fraud. He had asked the public not to believe false rumours.

Speaking on the issue on Thursday, 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.