PSU Bank Officer Arrested for creating Fake Gold Loan Documents

 

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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Rs 10 crore fraud in Bank of India(BOI), Senior Bank Officer Sent to Jail

Three people were sentenced to five years in prison by a special Central Bureau of Investigation (CBI) court for defrauding Bank of India out of Rs.10.27 crore in a significant decision. In the case, which began in April 2012, a businessman, a senior bank official, and an intermediary forged paperwork in order to obtain credit from the bank without authorization.

The court also imposed severe financial penalties in addition to the jail sentence. The middleman received a fine of Rs.30 lakh, the banker Rs.15 lakh, and the businessman Rs.8 crore.

Case Registered in 2013 by CBI

The CBI’s Economic Offences Wing registered the case on February 2, 2013. Those named in the case included:

• Nikhil Patt, a businessman
• Damodar Kamath, then senior manager (credit) at Vijaya Bank
• Sooraj Tayade, an agent
• Four other accused, including two who are still absconding, one who passed away during the trial, and one who was acquitted due to lack of evidence.

How the Bank Fraud Happened

The complaint came from the Deputy Zonal Manager of Bank of India’s Mumbai North Zone. According to the investigation, the fraud was carried out using fake Letters of Credit (LCs) – financial instruments banks use to guarantee a buyer’s payment to a seller.

Kamath, the bank manager, issued four such fake LCs worth a total of Rs.10.27 crore. Here’s how the LCs were misused:

• Two LCs worth Rs.7.25 crore were issued in the name of Madhav Trading Corporation, a company owned by Nikhil Patt.
• One LC was issued to Siddhi Graphics, owned by Sameer Shah.
• The fourth LC was in the name of Parmar Trading Corporation, owned by Chandrakant Desai.

Shah and Desai are still on the run.

Misuse of Funds

Once the fake LCs were processed, a Bank of India officer named T. Gopala verified and cleared them. The money was then credited to the accounts of the three companies involved.

However, the money was not used for any business purpose. Instead, it was transferred across different accounts and withdrawn in large amounts by the accused.

The investigation revealed that out of the Rs.10.27 crore:

• Rs.1.02 crore was transferred from Madhav Trading Corporation to Suraj Kumar Trading, a company owned by Sooraj Tayade.
• Another Rs.15 lakh was directly transferred to bank manager Kamath, suggesting his active role in the fraud.

This case is a serious example of how banking frauds can affect public financial institutions. The court’s decision sends a clear message: those who misuse their position and cheat the banking system for personal profit will face strict legal consequences.

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Central Bank of India Released Recruitment of Credit Officer for 1000 Posts

 

The formal announcement for the hiring of Credit Officers has been released by the Central Bank of India. 

The Central Bank of India Credit Officer Recruitment 2025 has 1,000 openings in total. The online application process will be available from January 30, 2025, to February 20, 2025. The announcement was made public on January 30, 2025. Applications for the Central Bank Credit Officer Recruitment 2025 are accepted from qualified applicants via the centralbankofindia.co.in website.

Central Bank Credit Officer Recruitment 2025 Important Date

• Apply Online Start Date: 30 January 2025
• Last Date to Apply: 20 February 2025
• Last Date for Fee Payment: 20 February 2025
• Exam Date: To be released

Central Bank Credit Officer Recruitment 2025 Application Fee

• General / OBC / EWS: Rs. 750/-
• SC / ST / PWD: Rs. 150/-
• Mode of Payment: Online

Central Bank Credit Officer Recruitment 2025 Age Limit

• Minimum Age: 20 Years
• Maximum Age: 30 Years
• Age Limit as on 30/11/2024
• The age relaxation will be given as per the rules.

Central Bank Credit Officer Recruitment 2025 Educational Qualifications

Post Name	Qualification
Credit Officer	Graduate (60% UR/EWS, 55% Other)

Central Bank Credit Officer Recruitment 2025 Vacancy Details

Post Name	Vacancy
Credit Officer	1000  (UR-405, SC- 150, ST-75, OBC-270, EWS-100)

Central Bank Credit Officer Recruitment 2025 Selection Process

The Central Bank Credit Officer Recruitment 2025 selection process includes the following stages:

• Written Exam
• Documents Verification
• Medical Test

Central Bank Credit Officer Recruitment 2025 Exam Pattern

Subject	Questions	Marks
Reasoning	30	30
English	30	30
GK (Banking)	30	30
Quantitative Aptitude	30	30
Total	120	120

Central Bank Credit Officer Recruitment 2025 Notification PDF & Apply Online Form Link

Notification PDF	Click Here
Apply Online	Click Here

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South Indian Bank Recruitment of Managers for IT, Credit, Forex Posts 2019

South Indian Bank has published Advertisement for below mentioned Posts 2019. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below in the advertisement.

Posts:

• Officers / Executives for Credit: 10
• Age Limit: 40 / 45 years
• Pay Cadre: Scale IV / Scale V
• Manager (IT) / Senior Manager (IT): 14
• Age Limit: 40 years
• Pay Cadre: Scale II / Scale III
• Officers / Executives for Forex / Treasury: 05
• Age Limit: 50 / 45 / 40 / 35 years
• Pay Cadre:Scale VI / Scale V / Scale IV / Scale III

Total No. of Posts: 29

Educational Qualification: 

• Officers / Executives for Credit: (1) Minimum 60%  in B.Sc/ M.Sc in Agriculture/ equivalent PG courses in Agribusiness (OR) Minimum 60% in MBA (Finance/ Banking) OR Chartered Accountant. (2) Minimum 10 Years experience in Banking Industry.
• Manager (IT) / Senior Manager (IT): (1) Minimum 60% in B.Tech/B.E (CS/ IT/ EC/ EEE/ AEI) (OR) Minimum 60% in MCA/ M.Sc (IT/ CS). (2) 02-04 years experience.
• Officers / Executives for Forex / Treasury: (1) Graduation in any discipline. (2) Minimum 15 / 08 / 04 / 03 years Work Experience as a Forex/ Domestic Dealer in any commercial Bank/ Reputed Financial Institution/ Corporate.

Application Fee: Rs. 800/- excluding GST and other applicable charges.

Selection Process: Candidates will be selected based on an interview.

Important Dates:  Last Date to Apply Online: 18-05-2019

How to Apply: Interested Candidates may Apply Online Through official Website.

Credit Notification : Click Here

IT Notification: Click Here

Forex / Treasury: Click Here

Apply Online: Click Here

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Bank of India Recruitment for Officers (Credit) Posts 2018

Bank of India has published Advertisement for below mentioned Posts 2018. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below.

Posts: Officer (Credit) in General Banking Stream

Scale : Junior Management Grade Scale – I (JMGS I)

Details :

SC - 21 Posts

ST - 28 Posts

OBC - 37 Posts

General - 72 Posts

Total No. of Posts: 158 Posts

Educational Qualification:

• A Degree (Graduation) in any discipline with minimum 60% marks alongwith MBA/PGDBM/PGDM/PGBM/PGDBA from institute of repute (two/three year programme) / Post-graduation degree in Commerce/ Science /Economics. (candidates appearing in the final year of examination of MBA/PGDBM/ PGDM/PGBM/PGDBA from institute of repute (two/three year programme) / Post-graduation degree in Commerce/ Science / Economics are eligible to apply, However their final result should be declared on or before 30th June 2018.) OR
• Chartered Account OR
• ICWA OR
• Company Secretary - A certification in computer course for minimum three months OR Information Technology or related paper as one of the subjects at graduation level or afterwards, is a must.
• Minimum 60% marks at graduation level is for candidates applying under general/unreserved category, candidates belonging to reserved category (SC/ST/OBC/PWD) applying for reserved vacancies (SC/ST/OBC/PWD) will be entitled for relaxation of 5% i.e. minimum 55% marks at graduation level.

Age Limit: (as on 1st April 2018): Between 21 to 30 Years

Application Fee :

• SC / ST / PWD : Rs. 100/-
• General & Others : Rs. 600/-

Selection Process: Candidates will be selected based on an interview.

How to Apply: Interested Candidates may Apply Online Through official Website.

Advertisement: Click Here

Apply Online: Click Here

Important Dates:

Starting Date of Online Application: 20-04-2018

Last Date to Apply Online: 05-05-2018

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Union Bank of India (UBI) Recruitment 2017

Union Bank of India (UBI) has published Advertisement for below mentioned Posts 2017. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below.

Posts: Credit Officers (MMGS-II)

Total No. of Posts: 200 Posts

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Bank of India Recruitment for Officer (Credit) & Managers Posts 2017

Bank of India has published Advertisement for below mentioned Posts 2017. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below.

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