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Raebareli police have arrested another accused in a bank loan fraud case involving 48 personal loan accounts opened using forged documents. The accused, identified as Umashankar, was arrested on Kanpur Road. He is alleged to have been part of a gang that helped people obtain bank loans by submitting fake documents.
The police traced Umashankar and arrested him near the Rananagar graveyard. He is a resident of Maula Bakipur in Unnao district. After his arrest, he was sent to jail.
According to the details, 48 personal loan accounts were sanctioned at the main branch of Bank of Baroda in Raebareli using forged salary slips, appointment letters and Aadhaar cards with altered addresses. The fraud came to light during an internal investigation by the bank, which found irregularities in the documents submitted for the loan applications.
Fraudsters used forged documents to sanction 48 personal loans, resulting in a loss of over ₹9 crore. The accused fabricated fake salary slips, forged employment appointment letters, and manipulated bank paperwork to pass off fake applicants as genuine borrowers.
Following the internal audit, the branch’s Chief Manager, Mukesh Sinha, filed a formal complaint leading to an FIR at the Sadar Kotwali Police Station against the 48 fraudulent account holders under the Bharatiya Nyaya Sanhita (BNS). The police subsequently launched an investigation to identify those involved in the fraud and establish how the fake documents were used to obtain loans.
How fraud was done?
The multi-crore scam was discovered at the Bank of Baroda (BoB) Main Branch near Hathi Park in Raebareli, Uttar Pradesh. The fraud took place between 2024 and 2025, targeting high-value personal loans.
The fraudsters sourced identity details of individuals living outside Raebareli. They deliberately falsified and changed the address on their Aadhaar cards to local Raebareli addresses.
Using these modified Aadhaar cards, they transferred existing bank accounts to the Raebareli main branch to establish immediate local eligibility.
To pass strict banking criteria for personal loans, the syndicate generated fake salary slips and forged employment appointment letters.
The branch subsequently sanctioned 48 distinct personal loans ranging between ₹17.5 lakh and ₹20 lakh each, resulting in a cumulative theft of ₹9.2 crore.
Investigators uncovered deep internal collusion and arrested the branch’s Credit Officer, who actively bypassed verification checks to clear the loans.
Police have already arrested 12 other accused in connection with the case. They have been identified as Rajesh Singh, Bablu Rathore, Gopal Singh, Radhika Devi, Kamini Rathore, Amit Kannaujia, Satyam alias Shivam, Ramnaresh Bharti, Rajendra Kumar, Manoj Kumar Gautam, Karan Singh and Suraj Soni.
