Bhuntar, Himachal Pradesh: A case of financial fraud has been registered against two individuals, Rajesh Kumar and Savita Kumari, following a complaint by the chief manager of the Bhuntar branch of the State Bank of India (SBI). The complaint alleges that the duo misled the bank and secured a loan using fraudulent documents, ultimately causing financial losses.
Loan Secured Using Questionable Documents
According to the complaint, the loan was sanctioned in February 2016 based on documents submitted by the accused. The key document was an agreement for the sale of an 11-biswa property, followed by a registered sale deed claiming that Rajesh Kumar had purchased the property from his sister, Savita Kumari. The sale deed was registered on February 12, 2016, and an amount of ₹50 lakh was transferred to Savita through a bank cheque. However, what raised suspicion was that the entire amount was withdrawn in cash just three days later, on February 15, 2016.
The manner in which the loan was processed and withdrawn raised red flags, leading the bank to investigate further. Initially, the property was overvalued to justify the loan amount, which seemed suspicious. The situation took a serious turn when a follow-up valuation report dated December 6, 2021, revealed that the actual value of the property was significantly lower than what was claimed in the loan application.
This indicated that the loan was fraudulently obtained by inflating the property’s value. The accused allegedly misrepresented facts and created false documents or signatures to deceive the bank. Due to the non-repayment of the loan, the property was later declared a non-performing asset (NPA), confirming the bank’s financial loss.
Following the bank’s complaint, the Kullu police have registered a case and initiated a formal investigation. Superintendent of Police (SP) Dr. Karthikeyan Gokul Chandran confirmed that legal proceedings are in motion and efforts are being made to collect further evidence.
This case highlights the increasing concerns over financial fraud in banking institutions, where loopholes in property valuation and documentation are exploited to secure undue financial benefits. The police are expected to conduct a thorough probe into the matter and take necessary legal action against the accused.
