After the Rs 1.46 crore gold loan fraud at the Rajnagar branch of Federal Bank came to light, a similar fraud has been reported at the bank’s Vaishali branch.
Loans worth around ₹4.5 million were sanctioned against 10 gold loan accounts at the Vaishali branch using fake gold jewelry as collateral. Following an investigation at the bank, a complaint was filed with the police, demanding the registration of a case. Three account holders involved in the fraud at the Federal Bank’s Vaishali branch are also accused of loan fraud at the RDC branch.
When the fraud was revealed in the RDC investigation, it was revealed that some gold loan cases were also processed in the Vaishali branch by the bank’s valuer and former officials of Rupin, the fintech company that sourced the loan cases.
The bank then conducted an internal investigation and discovered that 10 loan accounts contained fake gold jewelry. In the case that surfaced at the Rajnagar branch, a case has been filed against 18 people for allegedly granting loans totaling approximately ₹1.46 crore against 20 accounts using fake jewelry as collateral.
Gagan Sharma, manager of Vaishali branch of Federal Bank stated that he had lodged a complaint in Kaushambi police station, but the case has not been registered.
The police have registered a case and begun an investigation into the ₹1.46 crore gold loan fraud at Federal Bank’s RDC branch, based on a complaint from the bank. The bank has accused two officials of the fintech company Rupin, a valuer, and customers.
The bank has not named any of its employees in the entire case. However, Rupin company officials argue that the loan fraud over several months would not have been possible without the complicity of bank employees.
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