Ludhiana, Punjab: A case of bank fraud involving approximately ₹4.86 crore has come to light in the Gill Road branch of the State Bank of India (SBI).
A case has been registered at the Shimlapuri police station based on a complaint from branch manager Surabhi Sarao. According to the complaint, in 2016-17, a firm named SSG Fabrics, approached SBI for a loan related to its export business.
They submitted forged documents and false balance sheets. Based on these documents, the bank approved an export packing credit limit of ₹4.50 crore and a cash credit limit of ₹3.6 million.
But the company did not use the money for its business. Instead, the loan money was diverted. A forensic investigation revealed that approximately ₹2.69 crore was transferred to related companies such as GK Creations, Shukrana Fabrics, and Datta Neat Private Limited.
According to the bank, no actual purchase or sale took place in the account. Rather, the entire account was used only for transferring money.
The role of the then branch manager, Aman Bhatia, has also been described as suspicious. The account was declared NPA on March 31, 2018.
After investigation, the police of Shimlapuri police station have registered a case under sections of fraud against the accused Gagandeep Juneja, resident of Guru Nanak Pura, Civil Lines, Shalika Juneja, resident of Guru Nanak Pura, Civil Lines, Pradeep Gupta (guarantor), resident of Janakpuri, Meenu Gupta (guarantor), resident of Janakpuri, Aman Bhatia, resident of Baltana, Zirakpur.
An internal investigation by the bank revealed that despite persistent irregularities in the account, the then-branch manager, Aman Bhatia, neither informed higher authorities nor took action as per Bank guidelines.
He repeatedly authorized withdrawals beyond the permissible limit and failed to audit stock and transactions.
The police are investigating the case and more details will be released soon.
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