Rs 1.32 crore fraud in Punjab & Sindh Bank by mortgaging Fake LIC policies

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An FIR has been filed by Punjab & Sind Bank against seven people, including two loan agents, for an alleged loan fraud of Rs 1.32 crore.

The accused are identified as Rani Durairaj, Sonali Borse, Vaishali Shigvan, Manish Jaiswal, Deepak Dani, Ranjeet Prasad, and Prakash Bet. Durairaj and Borse, who had gained the bank’s trust by bringing customers, allegedly helped the others avail term loans worth Rs 1.32 crore from the bank by mortgaging fake LIC policies between April and August 2022.

As the repayment of these loans was not received by the bank, an internal inquiry was conducted, revealing the LIC policy documents mortgaged against the loans were fake.

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As the repayment of these loans was not received by the bank after the initial few EMIs, the bank conducted an internal inquiry. It was found the LIC policy documents mortgaged against the loans were fake, the police said.

“As per the probe, the two accused women accepted loan repayment EMIs from the loanees, deposited only a few EMIs, and kept the rest of the money with them, thus defrauding the bank,” an officer said.

The two loan agents and five others have been booked under sections 406 (criminal breach of trust), 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), 471 (using as genuine a forged document), and 34 (common intention) of the Indian Penal Code.

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