Cheating case filed against State Bank of India Manager

The District Crime Branch Police in Virudhunagar, Tamil Nadu, have registered a case of cheating against the manager of the Dhalavaipuram branch of State Bank of India. Authorities allege he caused a loss of ₹33.87 lakh to the bank by sanctioning Mudra loans to 16 individuals without proper documentation.

The Accusation:

• Manager Baskaran (59) allegedly granted Mudra loans between March 2018 and September 2018 to ineligible individuals lacking proper documents.
• He is accused of disregarding bank regulations for loan disbursement.
• An investigation revealed Baskaran accepting bribes from loan applicants and utilizing the funds for personal expenses.

Discovery and Action:

• Loan defaults by recipients triggered an official inquiry, leading to the alleged scam’s unmasking.
• Based on a complaint from Regional Manager R. Senthil Kumar (52), DCB booked Baskaran under various sections of the Indian Penal Code, including criminal breach of trust and cheating.

Mudra Loans:

Mudra loans, launched by the Indian government, aim to empower micro-entrepreneurs. The scheme emphasizes simplified procedures and minimal documentation to facilitate access to funding. However, instances of misuse like this highlight the need for stricter oversight and verification mechanisms.

• Shishu (शिशु): Allowed loans up to ₹50,000 (US$630)
• Kishor (किशोर): Allowed loans up to ₹5 lakh (US$6,300)
• Tarun (तरुण): Allowed loans up to ₹10 lakh (US$13,000)