The Enforcement Directorate (ED) has registered a case against two former bank managers of the State Bank of Mysore for their involvement in the Tanushree Homes loan scam. The officials allegedly conspired with the builder to bypass key loan conditions and approved loans worth crores without ensuring that houses were constructed. This fraudulent activity resulted in a financial loss of approximately ₹1.71 crore to the bank.
How Did the Scam Take Place?
A Central Bureau of Investigation (CBI) probe revealed that Tanushree Homes, led by its director Ravi Sahu, obtained housing loans for hundreds of individuals with the assistance of bank officials. However, no houses were actually built.
The fraudulent loans were sanctioned between 2006 and 2009 by:
- AS Hegde (then Bank Manager)
- Ravinder Kumar (then Assistant Manager)
Investigations found that the officials failed to verify crucial documents, including:
- Layout plan of the plot
- Colonizer license and land ownership papers
- KYC and other essential borrower details
Despite these lapses, loans were approved, and the builder received the funds.
Legal Action and Investigation
The ED launched an investigation based on an FIR filed by the CBI. On March 11, 2025, a special court in Bhopal registered a case against the two bank officials and the builder. The court has now taken cognizance of the case.
Previously, on February 9, 2024, the ED attached 12 properties in Bhopal valued at approximately ₹1.35 crore. Later, on July 1, 2024, the PMLA authority in New Delhi upheld the attachment as valid.
Government’s Crackdown on Loan Frauds
With this fresh legal action, the ED is set to conduct a detailed investigation into the roles of the bank officials and the builder. This case highlights the government’s increased vigilance over fraudulent loan approvals in the banking sector, ensuring stricter enforcement against financial crimes.
