Axis Bank Manager Booked for Rs 2.20 Crore Fraud in Bank of India Loan Takeover Case
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The Athwalines police have registered a case of fraud against Rahul Patel, branch manager of Axis Bank’s Vesu branch, for allegedly causing a Rs 2.20 crore loss to Bank of India by not handing over mortgage documents during a loan transfer.
According to police, the complaint was filed by the branch manager of Bank of India’s Ghoddod Road branch. The case revolves around Siddhi Dasani, proprietor of Shri Anand Impex in Kadodara, who had a cash credit account of Rs 2.20 crore with Axis Bank. Due to high interest rates, Siddhi approached Bank of India’s Chauta Pul branch to take over the existing loan.
After all formalities were completed, Bank of India sanctioned a new loan of Rs 7.45 crore, a portion of which was used to settle the outstanding dues at Axis Bank. However, despite receiving the payment, Rahul Patel allegedly did not close the old loan account and failed to submit the original mortgage property documents to Bank of India, as required in such loan takeovers.
In a surprising turn, Siddhi and her husband Uttam Dasani reportedly withdrew funds from the Axis Bank account even after the settlement and later defaulted on repayments to Bank of India. This sequence of events, aided by the Axis Bank manager’s inaction, resulted in a financial loss to Bank of India, prompting them to seek police intervention. Click here to read more cases of Bank Frauds.
Authorities have registered a First Information Report (FIR) against Rahul Patel for intentional misconduct and fraud, accusing him of deliberately withholding crucial documents, which enabled the Dasanis to misuse the system. Click here to read more cases of Bank Frauds.
The investigation is ongoing. More details will be released soon.
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