Home Loan Fraud in Bank, Builder sold same Flat to multiple People

 In a noteworthy development, on July 4, 2025, Harsh Sharma was taken into custody by the Central Bureau of Investigation (CBI) in relation to a housing loan fraud case that began on August 2, 2017. Since the case was initially filed, Harsh Sharma had not participated in the investigation and had been evading capture for eight years. In a protracted investigation, his arrest represents a significant advancement.

The CBI claims that Harsh Sharma and the construction company Shree Balaji Hitech Construction engaged in a criminal conspiracy. His personal information, including his KYC details, was exploited to fabricate home loan applications. He was fictitiously represented by the builder as the buyer of an apartment that never actually changed hands.

The identical apartment was purportedly sold to several phony purchasers in order to defraud Punjab National Bank of loan payments. Through fabricated documentation and fictitious transactions, this fraudulent behavior enabled the builder to unlawfully receive substantial quantities of money from the bank.

On March 19, 2024, the CBI submitted a charge sheet outlining the accused's role before the Special CBI Court in Ghaziabad. The court had issued a non-bailable warrant against Harsh Sharma because he was evading capture and refusing to cooperate with the inquiry. On the morning of July 4, 2025, the CBI team made the last arrest after persistently trying to track him down.

Harsh Sharma was brought before the Special Judicial Magistrate (CBI) in Ghaziabad after his arrest. He is currently being held in judicial detention until July 15, 2025, under the court's ruling. The CBI has said that the matter is still being investigated and that additional information may be revealed as it develops.

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PNB Employees Win Big! No implementation of a QR code-based employee feedback system

Employees of Punjab National Bank have some exciting news. According to the sources, there will be no implementation of the employee feedback system based on QR codes. The All India Punjab National Bank Officers' Association (AIPNBOA) requests have finally been complied with by the MD and CEO of Punjab National Bank.

The MD and CEO of Punjab National Bank met with Shri. Dilip Saha, the general secretary of AIPNBOA, and they discussed a number of topics.

In letters dated April 21, 2025, June 9, 2025, and June 19, 2025, the MD and CEO addressed our concerns and ideas about the use of the AAGMAN App and QR code-based customer feedback for attendance marking.

The AAGMAN app and QR code were on the agenda for the meeting on May 13, 2025.  AIPNBOA disagreed with the policy based on QR codes.  The association expressed concerns about the AAGMAN app, and management responded that the program does not trace an employee's whereabouts and that the location is only accessed when logging in to indicate attendance. Logins within the specified area will be accepted as legitimate and will not be questioned in the future.

 Members were informed by AIPNBOA that they could utilize the PNB AAGMAN app based on this written assurance.  The management did concur, though, that using biometrics as an alternate method of recording attendance is equally legitimate.

 On June 26, 2025, the management called the AIPNBOA GS once more in response to the previous meeting on May 13, 2025.Despite the lack of a specific agenda, CGM, GM-HRDD, GM-HRMD, GM-HR, and DGM-HR were present for extensive and fruitful conversations.

 Our adamant opposition to the deployment of the QR code-based customer feedback system on an officer-by-office basis was one of the main points brought up.

 AIPNBOA reaffirmed our unwavering position that, in line with the Bank's previous policy, customer service feedback should still be gathered at the branch (SOL) level.  Feedback systems that target specific officers are intolerable and bad for morale and teamwork.

AIPNBOA raised several issues such as:

• Centralisation of key verticals, especially the shifting of ZRMCs to CRCs and the proposed reduction and relocation of RCCs to only five centres — a move we believe will negatively impact operational efficiency and officer convenience.
• Unreasonable demands, such as seeking Balance Confirmation letters on a yearly basis (instead of the existing 3-year cycle) and the compulsion to renew CC accounts within 15 days, despite RBI’s policy allowing 180 days for review and renewal. Such practices are creating an excessive workload at branches and adversely affecting business growth.
• Pressure from CHs/ZMs on officers to use the Aagman App, even when they are already marking attendance through the biometric system, despite both options being permissible under the existing policy.
• Inadequate DIEM reimbursements for hotel stays, arbitrary conditions for two-wheeler travel approvals and documentation, non-reimbursement of actual flight seat costs, long-pending lease rent issues in locations like Panchkula and Mohali, among others.
• Recruitment on linguistic basis to overcome the shortage of manpower in many circles which are difficult as well as deficit circles. This will help especially our technical officers such as Agriculture officers, Marketing officers and IT officers, who are presently working in different parts of the country to go back to their home circle on request transfers.
• The issue of payment of Special Concession/ incentives to Officers working in Kashmir Valley – Revision of rates as revised by DOPT vide their latest communication was also discussed and we are hopeful the same will be implemented shortly.

Following this meeting, AIPNBOA GS was invited for a one-on-one interaction with our MD & CEO, which lasted for approximately 80 minutes. All of the above matters were raised in detail during this discussion.

The MD & CEO responded positively and also acknowledged the concerns and assured that necessary corrective actions would be taken. Significantly, the request to retain the earlier policy of collecting customer feedback at the branch level (SOL) and not on individual officers via QR codes has been accepted by the MD & CEO.

Additionally, it was assured that no new verticals, mergers, or centralisation initiatives will be implemented without prior consultation with our association, and certainly not during mid-academic year, so as to avoid disruption to officers and their families.

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Money Withdrawn in Jammu, Check Stolen from Kanpur, and Check Fraud Case at PSU Bank

 

At the Punjab National Bank branch on Halsi Road, a startling example of check fraud has been discovered. Pankaj Gupta, a Kanpur businessman, attempted to transfer Rs.1 lakh into his son's bank account, however the funds were stolen and ended up in a different account in Jammu.

Actual Incident

Pankaj Gupta, who owns the Sharad Iron Store in Hatia Loha Bazar, deposited a check at the PNB branch on Halsi Road on July 4. The purpose of the check was to use NEFT (National Electronic Funds Transfer) to send Rs.1 lakh to his son Paras Gupta's account.

But the money never reached Paras.  Rather, Pankaj received a text message informing him that Rs.1 lakh had been credited to Mohit Arora at a Central Bank branch in Jammu City.

Pankaj was taken aback by the notification and went straight to the PNB branch to ask questions. After verifying the questionable transaction, bank manager Faiz Ahmed got in touch with the Central Bank to halt the payment and place the money on hold.

Local traders were notified and asked for assistance by Paras Gupta. Atul Dwivedi, the president of the Iron Traders' Committee, led the traders when they came at the bank and demanded stringent measures. They cautioned the bank manager to treat the matter seriously or else a formal complaint would be made.

After being called, the police looked over the branch's CCTV footage. A suspicious individual was seen on camera taking a check out of the bank's check deposit box. The fact that the check had been stolen on bank property was verified by the video.

According to the bank manager, a police report will be filed as soon as it is approved, and a complaint has already been forwarded to the Circle Head Office.

Details from the Stolen Cheque

According to Paras Gupta, he placed the check in the branch's check basket rather than a legitimate deposit machine. To move the funds to Mohit Arora's account, the check was dubiously altered. The information on the back of the check, including the account number, IFSC code, and even two mobile numbers, was not his.

The signature itself appeared to be phony. A different pen was used to sign his father's name, Pankaj. The check also lacked an official bank stamp, which added to the suspicions.

Bank’s Negligence

Banking regulations state that checks should never be placed in a basket but rather in a safe check deposit machine. However, the PNB Halsi Road branch made it easier for someone to steal by allowing checks to be collected in a plain basket.

The management responded that the employees might have forgotten to stamp the check when traders pointed out that it lacked the appropriate stamp. However, the traders noticed that other checks were marked, which led them to believe that internal complicity or carelessness may have been the cause of this scam.

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CA arrested in loan NPA case of Rs. 1460 crore for assisting the MD and CEO

Anant Kumar Agarwal, a chartered accountant, was detained by the Enforcement Directorate (ED), Kolkata office on June 25, 2025, in accordance with the Prevention of Money Laundering Act (PMLA), 2002. A bank fraud case involving M/s Concast Steel & Power Ltd. (CSPL) and other connected parties is connected to this arrest. Tools for managing finances

Anant Kumar Agarwal was brought before the Special PMLA Court in Kolkata following his detention, and the judge granted permission to detain him in ED custody until July 5, 2025, in order to conduct additional interrogation and investigation.

According to the ED probe, Anant Kumar Agarwal was instrumental in the concealment and handling of illicit funds, also known as proceeds of crime. He took this action on behalf of former UCO Bank Chairman and Managing Director (CMD) Subodh Kumar Goel.

According to claims, CA assisted in money laundering in a number of ways. Here are a few of the techniques:

He established and ran fictitious businesses, or "shell companies," solely to transfer illicit funds and pass them off as legitimate funds.

He demonstrated fictitious financial operations, including fictitious share capital and unsecured loans, using these fictitious businesses.

Real money was obtained and transferred covertly in exchange for these fictitious transactions.

Anant took money as payment for doing this work.

He also held important roles in some of these companies and used them to bring black money into official records by showing it as share capital or loans.

Background of the Case

Earlier, on May 16, 2025, Subodh Kumar Goel was arrested in the same case. ED found that:

• As CMD of UCO Bank, he approved loans worth over Rs.1,460 crore to Concast Steel & Power Ltd.
• Later, these loans turned into bad loans (NPA – Non-Performing Assets), which means the company did not return the money.
• In return for approving these huge loans, Goel received a lot of illegal benefits, such as Large amounts of cash, Properties, expensive goods and luxury services.
• These illegal benefits were sent to him secretly through a network of fake companies.

Raids and Findings

The ED also conducted search operations in Delhi and nearby areas. They were checking the role of some people who were:

• Taking money from others by falsely claiming they could help them in ED investigations.
• Basically, they were cheating people under the name of ED investigations.

During the searches, ED found Cash and gold and Important documents and digital devices containing evidence.

The ED has said that the investigation is still going on, and they are looking into more people and details involved in this entire fraud and money laundering network.

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RBI New Circular on Pre-payment Charges on Loans 2025

 

A new circular on loan prepayment fees was issued by the Reserve Bank of India (RBI). If borrowers want to pay off their loans before the payback period, several Indian banks demand pre-payment fees. For instance, there will be pre-payment penalties if you take out a five-year auto loan and decide to pay it off in four.

In accordance with the October 9, 2024, Statement on Developmental and Regulatory Policies, a draft circular was released for public comment on February 21, 2025. The RBI has issued the updated circular after reviewing the supervisory findings and public comments on the draft circular.

All loans and advances approved or renewed on or after January 1, 2026, are subject to these directives. All commercial banks (with the exception of payments banks), cooperative banks, NBFCs, and All India Financial Institutions are subject to these directives.

Banks shall follow below Directions regarding levy of pre-payment charges

An RE is not allowed to collect pre-payment fees for any loans made to individuals, with or without co-obligants, for purposes other than business;

Regarding all business loans given to individuals and MSEs, whether or not there are co-obligants:

(a) No pre-payment fee shall be charged by a commercial bank (with the exception of Small Finance, Regional Rural, and Local Area banks), a Tier 4 Primary (Urban) Co-operative bank, an NBFC-UL, or an All India Financial Institution.

(b) No pre-payment fee may be assessed by a Small Finance bank, Regional Rural bank, Tier 3 Primary (Urban) Co-operative bank, State Cooperative bank, Central Cooperative bank, or NBFC-ML on loans up to Rs.50 lakh in sanctioned income.

But when it comes to term loans, any pre-payment fees that the RE may impose would depend on how much is being paid back.  Prepayment costs on cash credit/overdraft facilities that are closed before the due date will be assessed on an amount that does not exceed the authorized limit.

 As long as the facility is closed on the due date, there won't be any pre-payment fees for cash credit or overdraft facilities if the borrower notifies the bank that they intend not to renew the facility before the time frame specified in the loan agreement. Prepayment made at the bank's request will not result in any fees from the bank.

The loan agreement and sanction letter must explicitly state whether or not pre-payment charges are applicable. Additionally, if a Key Facts Statement (KFS) is required for loans and advances as outlined in the Reserve Bank's April 15, 2024, circular on "Key Facts Statement for Loans and Advances," it must also be included in the KFS. An RE is not permitted to collect pre-payment fees that have not been disclosed as outlined here.

When debts that the bank previously waived are repaid in full, the bank will not impose any fees or charges retroactively.

Download RBI Circular PDF

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5 PSU Banks Gearing up to List Their Subsidiaries After FM's Monetisation Drive

 

Public sector banks are being pressured by the government to expedite their plans for initial public offerings (IPOs) for their joint ventures and subsidiaries. 

 For a medium- to long-term market debut or strategic disposal, nearly 15 of these firms have been shortlisted. The objective? To maximize returns on state-owned capital, unlock value, improve governance, and access public markets when they're needed.

PSBs have been encouraged to increase capital in their subsidiaries, improve operational efficiency, and streamline decision-making in order to become listing-ready. 

 The finance ministry also wants a more professional approach overall and better governance. These five public sector banks are laying the foundation for their subsidiaries that may soon be on the market.

PSU Bank	Subsidiary	Business Type
State Bank of India	SBI General Insurance	General Insurance
	SBI Payment Services	Merchant Payments
Canara Bank	Canara Robeco AMC	Mutual Fund / Asset Mgmt
	Canara HSBC Life Insurance	Life Insurance
Bank of Baroda	IndiaFirst Life Insurance	Life Insurance
Union Bank of India	IndiaFirst Life Insurance	Life Insurance
Central Bank of India	Cent Bank Home Finance Ltd	Housing Finance
	Centbank Financial Services Ltd	Financial Advisory / Trustee
Punjab National Bank	PNB MetLife India Insurance	Life Insurance

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Bank of Baroda(BoB) Local Bank Officer(LBO) Recruitment 2025 Notification

Bank of Baroda has released notification for recruitment of candidates to the post of LBO (Local Bank Officer). All details related to this recruitment are given below – last date to apply, age limit, eligibility, education qualifications, notification pdf, vacancy, etc.

Bank of Baroda LBO Important Dates

Event	Date
Start of Online Application	04 July 2025
Last Date to Apply	24 July 2025

Bank of Baroda LBO Recruitment 2025 Application Fee

Category	Fees
General / OBC / EWS	Rs.850/-
SC / ST / PwD	Rs.175/-

Bank of Baroda LBO Recruitment 2025 Notification PDF and Apply Online

• Download Notification PDF
• Apply Online

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EASE 7.0 Winner Banks: Best Performing Bank, Check Rank of Banks

The EASE 7.0 Award winners have been announced by the Indian government. As part of the PSB Reforms Agenda, the Department of Financial Services, Ministry of Finance, Government of India, launched the Enhanced Access & Service Excellence (EASE) program. The prize for India's best-performing public sector bank goes to State Bank of India (SBI). 

 Top-Performing Financial Institutions

1. State Bank of India (SBI)
2. Bank of Baroda
3. Union Bank of India

Top Improvers

1. Punjab & Sind Bank
2. Bank of India
3. UCO Bank

Data Quality Recognition

1. Indian Bank
2. Central Bank of India
3. Bank of Maharashtra

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Court ordered to bank to reimburse Rs. 50,000 for denying accounts without Aadhaar

A Mumbai-based company was denied a bank account by Yes Bank because it lacked an Aadhaar card, and the Bombay High Court ordered the bank to compensate the company with Rs.50,000. Given that the Supreme Court has previously decided that Aadhaar is not required in order to open bank accounts, the Court declared that the bank's action was incorrect.

When a business called Microfibres Pvt Ltd. approached Yes Bank to create a current account in January 2018, the problem started. Nevertheless, the bank informed the business that an Aadhaar card was required in order to open the account.

Even though the Supreme Court had previously given interim directions stating that Aadhaar should not be required for opening bank accounts, the bank later responded in writing in April 2018. Finally, on September 26, 2018, the Supreme Court issued its final ruling, unequivocally declaring that no one can be made to furnish Aadhaar in order to open a bank account.

 

The company informed the court that it has been unable to rent out its commercial property in Mumbai for more than a year due to the lack of a bank account. The family of the company's deceased founder-director suffered financial difficulty as a result. His unmarried daughter and widow were reliant on the property's monthly rental revenue of about Rs.1.5 lakh.

At first, the company claimed a full year's worth of lost rent and demanded Rs.10 lakh in compensation.

Court Decision

Judges M.S. Sonak and Jitendra Jain heard the case and concluded that Yes Bank had no justification for rejecting the bank account following the official overturning of the Aadhaar law on September 26, 2018.

The judges also pointed out that the bank was given an opportunity to address the compensation claim in 2018, but they chose not to do so. Although the court acknowledged that the company deserved some relief, it stated that the Rs.10 lakh compensation demand was excessive.

The court ordered Yes Bank to pay Rs.50,000 as compensation, stating that it would not force the corporation to go through other legal processes due to the unique circumstances of the case.

The bank has been given eight weeks to make the payment. This case serves as a warning that banks cannot force Aadhaar on customers when it is not necessary and must abide by the law.

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IBPS Probationary Officer (PO) / Management Trainee (MT) Recruitment 2025 Notification

The IBPS PO/MT-XV Recruitment 2025 announcement has been formally released by the Institute of Banking Personnel Selection (IBPS).  The goal of this recruiting campaign is to fill the positions of Management Trainees (MT) and Probationary Officers (PO) in the participating public sector banks for the 2026–2027 fiscal year.

 From July 1st, 2025, to July 21st, 2025, interested and qualified applicants may apply online at www.ibps.in, the official IBPS website.  The official announcement, which is included below, has all the information about the eligibility requirements, test format, key dates, and online application process.

IBPS PO/MT Recruitment 2025 Overview

Recruitment Authority	Institute of Banking Personnel Selection (IBPS)
Post Name	Probationary Officer / Management Trainee
Official Website	www.ibps.in
Vacancies	5208
Salary	Rs. 48480-85920/-
Job Location	All India
Job Type	Permanent
Last Date to Apply	21 July 2025

IBPS PO/MT Recruitment 2025 Important Dates

• Online Application Start Date: 01 July 2025
• Last Date to Apply: 21 July 2025 (till 11:59 PM)
• Pay Exam Fee Last Date: 21 July 2025
• Preliminary Exam Dates: 17, 23 & 24 August 2025
• Main Exam Date: 12th October 2025

IBPS PO/MT Recruitment 2025 Application Fees

• General / OBC / EWS: Rs.850
• SC / ST: Rs.175
• PH (Divyang): Rs.175
• Mode of Payment: Online only

IBPS PO/MT Recruitment 2025 Age Limit

• Minimum Age: 20 Years
• Maximum Age: 30 Years
• Age Limit As on: 01/07/2025
• Date of Birth Range: 2nd July 1995 to 1st July 2005
• Age Relaxation: As per government rules

IBPS PO/MT Recruitment 2025 Education Qualifications

Post Name	Qualification
PO/MT – XV	Bachelor Degree in Any Stream.

IBPS PO/MT Recruitment 2025 Vacancy Details

Post Name	Vacancy
PO/MT – XV	5208

Participating Bank	UR	SC	ST	OBC	EWS	Total
Bank of Baroda	405	150	75	270	100	1000
Bank of India	283	105	53	189	70	700
Bank of Maharashtra	405	150	75	270	100	1000
Canara Bank	500	150	50	200	100	1000
Central Bank of India	203	75	37	135	50	500
Indian Bank	NR	NR	NR	NR	NR	NR
Indian Overseas Bank	183	69	33	121	44	450
Punjab National Bank	81	30	15	54	20	200
Punjab & Sind Bank	144	53	27	98	36	358
UCO Bank	NR	NR	NR	NR	NR	NR
Union Bank of India	NR	NR	NR	NR	NR	NR
Grand Total	2204	782	365	1337	520	5208

IBPS PO/MT Recruitment 2025 Notification PDF & Apply Online

Notification PDF

Apply Online

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