Central Bank of India Manager arrested for conducting Rs.5 crore fraud by sanctioning fake loans

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During the Covid-19 pandemic, a bank manager and his associates stole more than Rs 5 crore by giving out business loans. The manager, Kamal Mishra, worked at Central Bank’s Vijay Nagar branch in Jabalpur, Madhya Pradesh. He issued loans in the names of 15 individuals without their knowledge, totaling around Rs 3.25 crore. The victims only found out about the loans when the bank sent them notices for repayment. They reported the fraud, leading to the manager’s arrest.

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Investigations revealed that Mishra had transferred the loan amount to the accounts of his accomplices, with the help of agents like Suresh Manchani and Mahesh Manchani. They managed to cheat the victims out of the entire loan amount. More people have come forward with similar complaints, and the authorities are conducting detailed investigations.

In another case, the Economic Offences Wing (EOW) also filed a case against the branch manager, his brother-in-law Priyank Tiwari, agent Sanjay Patel, and others. The manager and his accomplices stole approximately Rs 1.75 crore by issuing loans in the names of more people. It is reported that more individuals are approaching the EOW with complaints.

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Central Bank of India

Central Bank of India (CBI) is an Indian public sector bank based in Mumbai. Despite its name, it is not the central bank of India; The Indian central bank is the Reserve Bank of India.

TypePublic
IndustryBanking
Financial services
Founded21 December 1911; 111 years ago
HeadquartersMumbai, Maharashtra, India

The Central Bank of India was established on 21 December 1911 by Sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta as Chairman, and the first commercial Indian bank completely owned and managed by Indians.

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