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Loan Fraud: Rs 6.40 Crore Swindled Using Fake Papers
20 Aug
Summary
- Suspected loan fraud involved forged employment papers.
- Rs 6.40 crore in loans secured from multiple SBI branches.
- Police registered FIR after bank inquiry flagged irregularities.
A significant loan fraud, estimated at Rs 6.40 crore, has been uncovered in Amethi, Uttar Pradesh, stemming from the alleged use of forged employment documents to secure Express Credit Loans. The fraudulent activity impacted multiple branches of the State Bank of India (SBI).
An FIR was officially lodged at Musafirkhana Kotwali following a complaint filed by SBI's chief manager, Rahul Singh. The complaint detailed how borrowers presented allegedly fabricated appointment letters, salary slips, and Form 16 documents to establish their income eligibility for loans.
Subsequent verification by bank officials revealed inconsistencies and suspected forgeries in the submitted documents. While some initial loan installments were paid, numerous accounts later became non-performing assets (NPAs), triggering a deeper investigation. This scrutiny has focused on loan accounts linked to institutions such as Rajiv Gandhi Polytechnic and Gramodyog Seva Sansthan.
Specific concern has been raised over 11 loan accounts associated with the SBI Amethi branch, where loans amounting to Rs 1.36 crore were sanctioned, with Rs 94.07 lakh currently outstanding. SBI has provided the police with copies of suspected forged documents, loan details, bank statements, and fund transfer records.
The police are now investigating the authenticity of employment claims, the validity of submitted documents, and the utilization of the disbursed loan amounts. The investigation aims to ascertain if the irregularities extend beyond the 64 identified accounts.
