Man Takes Multiple Loans on Land from Various Banks, Case Filed
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A case of loan fraud has come to light in the Sikandrarao Kotwali area, where a person took loans from two different banks using the same mortgaged land. The accused also went on to sell the land, which he had no right to sell. As a result, a formal report has been filed by the bank manager under fraud-related sections, following court orders.
The Fraudulent Loans and Land Sale
According to Lalit Sharma, the manager of Aryavart Bank’s Ratibhaanpur branch, the accused, Rananjay Pratap, a resident of Jimispur village, took a loan of Rs 4 lakh from the bank on May 18, 2015. This loan was obtained under the Kisan Credit Card Scheme, with the accused using his land as collateral. However, Rananjay Pratap failed to repay the loan.
Later, the accused took another loan of Rs 4 lakh from Canara Bank’s Ratibhaanpur branch, again using the same mortgaged land as collateral. This raised questions, as the bank should have checked the land’s previous loan history before approving the new loan.
Discovery of Land Sale
The fraud was uncovered during a recovery action. On November 17, 2023, it was discovered that the accused had sold the mortgaged land, which he had no legal right to do. Since the land was mortgaged with both banks, selling it violated the terms of the loans.
Bank’s Role in Loan Approval
The case raises concerns about the loan approval process. Before granting loans, banks are required to review the past twelve years of records related to the land. This process ensures that the land is not already mortgaged or under any legal dispute. The question now is how Rananjay Pratap was able to secure loans from both banks using the same land as collateral, which should have been flagged during the bank’s verification process.
Conclusion
The report has been filed against the accused under the fraud sections, and the investigation is ongoing. This case highlights the importance of strict checks in the loan approval process to prevent such fraudulent activities in the future.
