SBI Branch in Vidisha is under scanner. A big gold loan fraud has been unveiled at SBI Agricultural Commercial Branch near Eidgah in Vidisha.
The investigation into the gold loan fraud has intensified and initial findings suggest that the fraud may involve around ₹6 crore.
Authorities are examining the roles of the then branch manager, the authorized valuer (goldsmith), bank employees, and several customers who took gold loans.
Complaints submitted to the Superintendent of Police alleged that gold loans were approved fraudulently through collusion between bank staff and other individuals.
The investigation has also found that some borrowers may have obtained loans by pledging fake or low-quality gold jewellery.
After the matter came to light, the Kotwali Police started an investigation. Police officials have repeatedly asked the bank to provide documents and information related to the case. However, the required records have not yet been submitted.
Meanwhile, an SBI team is carrying out its internal investigation. So far, the Kotwali Police have recorded the statements of around eight people in connection with the case.
Police officials said that further legal action will be taken after the bank submits its investigation report and related documents. The SBI vigilance team will first submit its report to the Bhopal office, after which the findings will be shared with the police.
Considering the seriousness of the case, District Collector Anshul Gupta has issued special instructions to all banks in the district. He said that preliminary findings indicate possible negligence by bank employees and the valuer.
The Collector directed banks to prepare a list of all valuers working with them and ensure that they undergo police verification. Banks have also been instructed to make sure that there is no relationship or collusion between valuers and bank employees.
The Collector said that a fair and impartial investigation is being conducted. CSP Atul Singh confirmed that the police are investigating the matter based on the complaint received. He added that the bank is also carrying out an internal inquiry, and further action will be taken after the bank’s report is submitted.
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