A Canara Bank employee was detained by the Perambalur District Crime Branch police on Sunday for fabricating gold loan paperwork and defrauding the bank of Rs.1.2 crore.
Akash Chauhan, the 29-year-old officer, hails from Udaipur, Rajasthan. He was employed at Canara Bank's Labbaikudikadu branch in the Perambalur area, namely in the Gold Loan division.
The police claim that Akash started working for the bank in May 2022. He made fictitious gold loan documents in five customers' names while he was there. He moved the full amount of the loan, Rs.1.2 crore, into his personal bank account rather than disbursing it to the clients.
The fraud was discovered after a complaint was filed by N. Loga Krishnakumar, a 46-year-old Assistant General Manager from the Canara Bank regional office in Namakkal. After investigating the complaint, the District Crime Branch confirmed the fraud and arrested Akash Chauhan.
A press release by the police confirmed that Akash had misused his position to steal money from the bank by faking documents and cheating the system. Gold loan fraud is a serious threat to the credibility of banks and NBFCs (Non-Banking Financial Companies). While gold loans are a valuable financial tool for millions, increasing fraud cases highlight the urgent need for stronger checks, transparency, and accountability in the system.
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