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Noida: A case of alleged loan fraud involving forged documents has come to light at the State Bank of India (SBI) branch in Sector-48, Noida. An individual identified as Jagpal Singh is accused of obtaining a loan of ₹8.90 lakh by allegedly posing as an employee of a school in Bhajanpura, Delhi. He submitted several documents related to his employment and income, including salary slips, Form-16 and an identity card, to support his loan application.
According to the complaint filed by SBI Sector-48 Branch Manager Neha Yadav, the accused applied for a salary-based loan in 2023. In his application, he claimed that he was working at a school in Bhajanpura, Delhi, and submitted documents showing his employment and income. After completing the loan verification process, the bank sanctioned a loan of ₹8.90 lakh on November 22, 2023.
The loan account operated normally for some time, but the accused later stopped paying the monthly instalments. The bank sent a notice asking him to clear the outstanding dues, but the payment was not made. The account was subsequently classified as a Non-Performing Asset (NPA), following which the bank began recovery proceedings.
During the recovery process, bank officials re-examined the documents submitted at the time of loan application. The bank found that the employment and income details provided by the accused were false and the documents submitted to obtain the loan were forged.
According to the bank, a complaint was initially submitted at the Sector-49 police station on April 15, 2026. However, when no action was taken, the bank approached the court. Following the court’s direction, an FIR has now been registered at the Sector-49 police station against the accused.
ADCP Manisha Singh said that the investigation will include verification of the accused’s employment and income details. Police will also contact the school where he claimed to be employed to verify the documents and determine whether the information submitted to the bank was genuine.
Bank Employees need to verify the documents submitted during loan appraisal. In the case of a personal loan i.e., a salary-based loan, there is no security, and the loan is sanctioned against salary. Thus, bank employees should verify the salary and income of the customer before sanctioning the loan. It has been observed that bank employees sanction loans quickly and don’t even do visit of customer and place of job, thinking the customer to be genuine.
This should stop, and bank employees must conduct proper due diligence before sanctioning personal loans.
