Bank of Baroda Two Officers arrested by Central Crime Branch in loan fraud case

- Advertisement -

The Central Crime Branch (CCB) recently made a significant breakthrough when they arrested three men, including two bank managers, on charges of orchestrating a bank fraud involving fabricated documents. The modus operandi of this fraudulent operation was to approve loans for nine individuals based on fake documents, resulting in severe financial losses for the targeted bank.

The key suspects in the recent arrest were identified as S. Kumar, also known as Sumanth Kumar, aged 45, hailing from Porur. Alongside him were Thutupalli Ravindra (51) and S. Raja Ranjith Kumar (42), both of whom were formerly employed with Bank of Baroda. These individuals were the masterminds behind the fraudulent scheme that led to the bank’s loss.

The earlier arrested individuals, who were part of the same deception, were B. Mala (21) from Adhanur, P. Balakrishnan (47) from Guduvanchery, S. Vignesh (32) from Ambattur, V. Muthuselvan (44) and his wife Sivaranjani (37), V. Srinivasan (46) and his wife Sankareshwari (40) from Korattur, and K. Sivaraj (41) from Kerala. They had cunningly taken advantage of plots located in M.G. Nagar, Adhanur, which were originally gifted to the Adhanur panchayat through legal gift deeds between 1989 and 1990 by K.C. Bose, a construction firm operator.

- Advertisement -

However, the fraudsters went to great lengths to create fake approvals from the Directorate of Town and Country Planning (DTCP) for these plots. They then presented these counterfeit documents to the unsuspecting loan applicants, who were unaware that the plots had already been donated to the panchayat. By falsely representing these plots as collateral, the loan applicants unwittingly availed loans in the name of fake companies set up by the scam artists.

As a result of this elaborate deception, the banks incurred massive financial losses, totaling ₹12 crore. Thankfully, the diligent efforts of the CCB led to the identification and subsequent arrest of the main perpetrators behind these fraudulent activities. Now, the legal authorities are determined to ensure that justice is served, and the culprits face the consequences of their dishonest actions in a court of law.

Prior to this, just last week, the CCB had already made headlines by arresting eight individuals, including three women, for their involvement in a similar scam. These eight individuals were accused of defrauding both South Indian Bank and Bank of Baroda, obtaining loans amounting to a staggering ₹12 crore through the use of counterfeit land documents.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

ED arrests Husband of Senior IPS Officer in Rs 263 Crore Fraud Case

Enforcement Directorate Arrests Husband of Senior IPS Officer in Rs 263 Crore Income Tax Refund Fraud Case

Retirement Planning: Invest Rs.3500 in NPS per month and get Rs.40,000 pension

Retirement Planning: Invest Rs.3500 in NPS per month and get Rs.40,000 pension

RBI infuses Rs 7.75 trillion via VRR

RBI Conducts Repo Auction to Address Rising Liquidity Deficit

SBI changes Loan Rules, Customers will have to pay more for Loan

SBI changes Loan Rules, Customers will have to pay more for Loan

Rules changed for Public Sector Enterprises, Now Finance Minister will grade CPSEs

Rules changed for Public Sector Enterprises, Now Finance Minister will grade CPSEs

Meet Priyanka Gupta who left her corporate job to fulfill her passion

Meet Priyanka Gupta who left her corporate job to fulfill her passion

Female Cashier handling all work of Branch alone, Huge staff shortage in Bank

Female Cashier handling all work of Branch alone, Huge staff shortage in Bank

Tata Power looking for $1 Billion Loan for new projects

Tata Power Plans to Raise $1 Billion for Clean Energy Projects in India

Google invests $350 Million in Flipkart

Google Invests $350 Million in Flipkart, Boosting Indian E-commerce Startup

Make in India! Google will start Manufacturing Pixel Smartphones in India

Google to Manufacture Pixel Smartphones and Drones in India

Latest News