Personal Loan Fraud in Bank of Baroda! Loans given to 21 People using Fake Documents

A big fraud related to Personal Loans has been reported in India’s 3rd Largest Public Sector Bank – Bank of Baroda in Vadodara, Gujarat. As per reports, personal loans upto Rs.3.55 crores have been sanctioned to 21 people in the city. This has raised an alarm in the city as the loans were sanctioned using fake documents.

The police have arrested the Branch Manager and an agent involved in the loans.The accused, identified as Bhupesh Purohit, and an agent, Mayur Panchal, have been arrested for their alleged role in a fraudulent loan racket at the Bank of Baroda.

The scam involved the sanctioning of personal loans to 21 individuals using forged documents. Investigations have so far revealed the involvement of 35 people, including the fake borrowers, 10 agents, and four guarantors.

The police have arrested 18 persons in connection with the case so far. Deputy Superintendent of Police Kamlesh Vasava said the manager’s role came to light during the investigation. Purohit took a 12% commission on the fraudulent loans, amounting to ₹38 lakh.

The police are investigating the case and more details will be released soon.