A man has been booked for allegedly defrauding a bank to the tune of Rs.60 lakh by availing a loan using forged documents and someone else’s insurance policy.
According to the police, they received a written application from the SVS Bank, Mahakali Caves, Andheri East, on August 2 stating that Goregaon resident Tulsiram Naik had approached the bank for a loan against a Life Insurance Corporation (LIC) policy in November 2022.
“In order to avail a loan, the man had to furnish several documents that were verified by a third party. The LIC policy, which was taken in July 2009, was valued at ₹90 lakh with a surrender value of ₹74.5 lakh. The expiry date of the policy was July 2024. Naik availed a loan of ₹63 lakh,” the bank manager told the police.
During the document verification process, Naik had introduced the bank official to another person known as Kumar to help the bank with confirming the policy details at LIC’s Mulund office. After the formalities were done, Naik was sanctioned a loan of Rs.60 lakh in November last year.
“In June, the bank’s regional office received an email from the LIC regarding Naik’s loan, saying they should investigate the genuineness of the policy. A more thorough look into the policy then revealed that the actual policy holder’s name was Vishnu Gupta. The mail also revealed that the policy number had been used to avail 12 loans from different financial institutions,” a police officer said.
Based on the email transcripts and the application of the bank manager, the MIDC police have booked Naik and his accomplice Kumar under sections 420 (cheating), 465 (forgery), 467 (forging documents used a security), 468 (forgery for the purpose of cheating) and 471 (using forged document as a genuine one) of the Indian Penal Code.
