Bank manager detained for fraud of Rs3.27-cr by Panchkula police : The Tribune India

Panchkula, October 18

Panchkula Police arrested a bank manager in connection with a Rs3.27 crore loan fraud for which a complaint was lodged with the economic crimes wing of the local police in 2017.

The accused, identified as Nishan Lal, a resident of Zirakpur, was appointed branch manager of the State Bank of Bikaner and Jaipur in Sector 11 when he allegedly committed the fraud. He was brought before a local court which sent him into custody for four days.

According to the plaintiff, the branch manager of the State Bank of Bikaner and Jaipur, Sector 11, the main defendant sanctioned 19 fraudulent loans amounting to Rs 3.27 crore in connivance with other defendants, identified as Ashustosh Garg, Ayush Garg, Gurinder Singh, Aruna Garg, Ravinder Kumar Jain and Sonia Jain.

“The proceeds of these funds were directly or indirectly diverted to another account in the name of M/s Sarvodaya Highways Ltd at the same branch, which having an exposure of Rs52.50 crore was also treated as a fraud and a separate complaint. was filed with the CBI Bank Fraud and Collections Unit, New Delhi, by the bank,” the FIR reads. “During an internal bank investigation, it was discovered that ownership documents relating to six home loan/mortgage accounts were not available at the branch. The property mortgaged to the bank under three home loans was sold without information to the bank,” the FIR added.

“The sanctioned loans for the construction of the house were disbursed the same day. In all of these accounts, amounts were transferred to other accounts,” the FIR reads, quoting the complainant. “The main defendant accommodated the defendants by deviating from the procedures and allowing the loan funds to be misappropriated,” the plaintiff added. —TNS

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