Private bank alleges ₹4.49 crore personal loan fraud
The Cyber Crime police have registered a case following a complaint by a private bank alleging a fraudulent scheme involving forged loan closure certificates that
The Cyber Crime police have registered a case following a complaint by a private bank alleging a fraudulent scheme involving forged loan closure certificates that enabled the wrongful sanction of personal loans worth ₹4.49 crore. According to the complaint filed by Sudheer Kumar K., an authorised representative of the bank, the fraud came to light after the bank received a whistleblower complaint alleging that fake Loan Closure Certificates/No Due Certificates (NDCs) had been used to secure personal loans.
An internal investigation by the bank reportedly confirmed the allegations. The inquiry revealed that while several loan applications were initially supported only by salary slips and bank statements, they were rejected for failing to meet the bank’s Fixed Obligation to Income Ratio (FOIR) norms. Subsequently, forged loan closure certificates were allegedly created and uploaded during the rework stage to facilitate approval of the loan applications. The bank alleged that the forged documents were circulated through email accounts allegedly linked to connector personnel associated with Direct Marketing Agencies, who received the forged documents from these email IDs before processing the applications.
According to the complaint, a total of 61 forged Loan Closure Certificates were created in connection with personal loans amounting to ₹4,49,75,000. Credit managers allegedly relied on the forged documents to de-obligate existing liabilities in CIBIL records, enabling the re-evaluation and subsequent sanction of 28 personal loans. Based on the complaint, the Cyber Crime police have registered a case under Sections 66(C), 66(D) and 84B of the Information Technology Act, 2000, and Sections 3(5), 316(2), 318(4), 319(2), 336(2), 336(3), 340(2) and 341(1) of the Bharatiya Nyaya Sanhita, 2023.
The police have initiated an investigation to identify all persons involved in the alleged conspiracy, trace the origin of the forged documents, and determine the extent of financial loss and criminal liability.
The BriefWire