Rs 2.25 crore Loan Fraud in SBI in Bareilly, Fake Firm created and Loan Taken from SBI

Bareilly, Uttar Pradesh: A major fraud has come to light in Bareilly’s Baheri area, where four people created a fake firm and cheated the State Bank of India (SBI) out of ₹2.25 crore. Shockingly, a bank officer and her husband were also involved in this scam. The police have registered a case and started an investigation.

Julie Singh, who is the Chief Manager of SBI’s Bypass Branch, filed the complaint. She informed the police that two individuals — Afsana (wife of Ashfaq Ahmed) and Aman Hussain (son of Ashfaq Ahmed) — introduced themselves as partners of a firm named Electronic Plaza. They applied for a business loan of ₹2.25 crore from the SBI branch.

This loan was approved in March 2024, but not through normal procedures. Julie Singh alleged that Sakshi Singh, who is a loan officer in the same branch, and her husband Shivam Agarwal, helped Afsana and Aman in getting the loan approved. They falsely claimed that Electronic Plaza had received an agency from a company named Value Plus and that they would trade in electronic goods.

After getting the loan, the money did not go into any real business. Instead, it was transferred to the account of another firm — Vishal Communication — which is owned by a person named Shivam Agarwal. Specifically, ₹1.26 crore was transferred on April 3, 2024, and ₹1.60 crore was transferred on October 15, 2024.

Julie Singh further mentioned that many of the documents submitted by Electronic Plaza were fake. Even more serious is the fact that loan officer Sakshi Singh approved this huge amount without any collateral or guarantor.

To verify the claim about the dealership with Value Plus, the bank contacted the company directly. Value Plus replied via email, confirming that they never gave any agency to Electronic Plaza in Bareilly.

Based on this complaint, Inspector Sanjay Tomar confirmed that a police case has been filed against Afsana, Aman Hussain, Sakshi Singh, and Shivam Agarwal. The investigation is ongoing, and more details will be detailed soon.