Gold Loan Scam of more than one crore in Bank in Uttar Pradesh

At the Federal Bank's Rajnagar branch, fraudulent gold loans totaling around ₹1.46 crore have been discovered. The jewelry pledged in 20 loan accounts was found to be fraudulent during a bank inquiry. Rubik Fintech was used to refer 17 of these accounts. In every instance, the valuer is the same. Six people each borrowed gold from two accounts. The bank filed a report, and the Kavinagar police station has opened a case against 18 suspects.

Shazia Bano, the senior manager of the bank, has lodged a police report. Delhi Gate resident Deepanshu Bansal went to the Federal Bank branch in Rajnagar with an unidentified individual to obtain a gold loan by surrendering gold jewelry.

Harsh, a representative of Rubik Fintech, was with him. Gold loan appraiser Deepak Dhalla verified the item as authentic. But after reexamining the jewelry out of suspicion, bank authorities discovered it was a fake.

Bank employees attempted to stop the two men, but they fled. The bank reportedly has CCTV footage of the incident. Following this, the bank investigated other gold loan accounts.The investigation revealed that a member of Deepanshu Bansal’s family had previously taken a gold loan from the same branch. Subsequently, an investigation into the relevant accounts began. Investigations by bank officials and another independent appraiser revealed that the gold pledged in several accounts was fake.

The bank has alleged that Rubik Fintech executives Harsh and Anurag Singh sourced a large number of suspicious accounts. It also casts doubt on the role of Gold appraiser, Deepak Dhalla, who certified the jewellery as genuine.

The cases have been registered against Dipanshu Bansal, Mayur Bansal, Shahzad Khan, Siddharth Pandey, Alibin Hussain, Vikas, Kavita, Waseem Abbas, Ashwani, Mukul Kumar, Sahil Singh, Ankur Rajput, Dharamveer Ram, Mausim Khan, Kaifi Nauman, Harsh, Deepak Dhalla and Anurag Singh.

The bank’s complaint states that loans totaling ₹1.46 crore were disbursed to 20 accounts.

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Bank of India(BOI) DGM Sentenced to 10 Years in Jail in Bank Fraud Case by CBI Court

In a bank fraud case, the CBI Court in Chennai found six people guilty and sentenced them to rigorous imprisonment for ten years. These individuals included two private individuals, Smt. O.P. Thamarai Poo and P. Thandapani, and four public employees, N. Venkatachalam, then DGM, Bank of India, M. Sivakumar, Record Clerk, Sholinganallur Taluk office, T. Dasarathan, VAO, Pzhavanthangal, Govt. of Tamil Nadu. 

Additionally, the CBI fined them a total of Rs 2.70 crore. On May 19, 2010, the case was filed in response to a Bank of India complaint.

Bank said that the prime accused E Muthuswamy and others in conspiracy with the officials of Bank of India misappropriated the funds of the bank dishonestly and fraudulently availed various credit facilities by submitting false and fabricated documents and thereby cheated the Bank to the tune of Rs.238.97 Lakh.

On December 28, 2011, the CBI issued a chargesheet against twelve individuals, five of whom were public servants and seven of whom were private citizens. Following the trial, the court found the aforementioned six accused individuals guilty and punished them.

In CC 18/2016, the case against one Public Servant V. Umapathy, Suspended Senior Draftsman, Land and Survey Department, has been divided. During the trial, four private defendants—E. Muthusamy, A. Vincent, K. Srikanth, and Smt. M. Jothi—died, and the allegations against them were dropped. Smt. Lavanya, one of the defendants, was found not guilty.

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Cash shortage in Currency Chest in Ahmedabad: ₹8.70 Crore Missing found During Audit

Bank fraud involving cash remittance irregularities has come to light in Bank of Baroda(BoB), Kalupur, Ahmedabad.

Incident Details:

* A Chief manager of a bank Mr. Harihar Devam lodged a complaint regarding irregularities in cash remittance deposited with a cash logistics/custodian company responsible for transferring money between banks.

* The Reserve Bank-authorized cash remittance process involved appointing a main custodian Mr. Sanjay Sharma and joint custodian Mr. Harsidhdh Kadiyar for handling cash. The accused was appointed as joint custodian.

* When large amounts of cash are received in the treasury, the custodian records and manages the cash.

* On 13 April, the joint custodian informed the branch manager that his health was not good and requested leave. Initially, one day leave was granted, followed by five days medical leave.

* After completion of the leave period, he again requested 17 more days leave from 20 April onwards. However, the bank rejected the leave request and instructed him to report for duty because a new main custodian was to be appointed.

* Since the employee did not return to duty, responsibilities were handed over to another staff member.

* During an internal audit by the RBI-authorized agency, a shortage of 174 sealed cash packets of ₹500 denomination was detected, amounting to approximately ₹8.70 crore.

* Investigation revealed that the cash packets had allegedly been removed from the bank treasury.

* It was also found that the accused had fled with his family from his residence in Chandkheda.

* A complaint regarding the matter has been registered at Kalupur Police Station.

Brief :

It has been alleged that a Bank of Baroda employee at the Kalupur branch embezzled Rs 8.7 crore from the company's currency reserves and concealed the shortfall by uploading fictitious balance certificates on the RBI's e-Kuber platform. 

Following the employee's extended absence, the fraud was discovered during an internal audit. The accused, a resident of Chandkheda, was the joint custodian of the currency chest at the Gandhi Road branch, according to the chief manager's report submitted to Kalupur police on Friday. 

Despite several calls and emails, he did not return after taking a leave of absence on April 13 due to health concerns. Officials found 174 reams of Rs 500 notes missing during the ensuing audit. Ten bundles of 100 notes apiece, totaling Rs 8.7 crore, were packed in each ream.

The "bin book" and Excel sheets used for daily reconciliation may have been manipulated, according to the complaint, which claims that internal records misrepresented the amount of cash as available. The certificates uploaded to the e-Kuber system were purportedly created using these documents. 

The accused reportedly entered the branch on the evening of January 13, according to CCTV footage examined during the investigation. Soon after, a laborer and his kid came in, and the video shows the three of them leaving the branch with several boxes. 

According to the complaint, security guards told him that evening that the accused was stealing boxes from the property. The accused allegedly stated that the boxes included scrap material intended for disposal when questioned at the time.

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7-Year Imprisonment for Former Bank of India(BOI) Branch Manager in CBI Fraud Case

In a bank fraud case, the CBI Court in Bhopal convicted former Bank of India Senior Branch Manager Piyush Chaturvedi and private individual Mohan Singh Solanki to seven years of harsh imprisonment. Additionally, the court fined both defendants ₹60,000 in total. On May 14, 2026, the verdict was rendered.

The case was filed on January 25, 2016, according to the Central Bureau of Investigation (CBI), based on a written complaint submitted by the Deputy Zonal Manager of Bank of India, Zonal Office, Bhopal, at the time.

The CBI claimed that on November 26, 2013, Piyush Chaturvedi, a Senior Branch Manager of the Bank of India's Misrod Branch in Bhopal, illegally approved a term loan and cash credit limit of ₹30 lakh in the name of M/s R.J. Enterprises.

The same day, it is alleged that ₹25 lakh was fraudulently transferred from M/s R.J. Enterprises' account via an RTGS transaction using falsified vouchers and RTGS forms. The money was moved to the account of M/s Sanwariya Machine, which belonged to accused Mohan Singh Solanki.

Both of the suspects stole the money as part of a criminal conspiracy, according to the inquiry. The bank suffered an unjust loss as a result of the fraud, while the accused individuals gained an unfair advantage.

Following the inquiry, the CBI presented a chargesheet to the appropriate court against both defendants.

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CBI Action: Bank of India(BOI) General Manager(GM) Under Scanner in Fraud Case

According to reports, the General Manager (GM) of Bank of India is the target of a case filed by the Central Bureau of Investigation (CBI). Ten entities/firms with cash credit (CC) and overdraft (OD) accounts with Bank of India allegedly gave him an unfair advantage totaling Rs 43.42 lakh.

He was employed by Bank of India as Chief Manager at the time. According to the CBI, a complaint was filed claiming that A. Kumar, while employed as Chief Manager of the Bank of India, Itwari Branch, Nagpur, between February 2024 and March 2025, had obtained an unfair advantage from the entities/firms involved in a transaction or business he conducted.

"It is observed that Kumar permitted Temporary Overdraft (TOD) or Temporary Loan (TOL) transactions without reporting under prudential supervisory reporting system and in violation of the Bank's guidelines," the bank's Chief Vigilance Officer wrote in a February letter to the CBI. It was discovered that money that had been moved to Kumar's savings account had been embezzled.

Kumar abused his official position as the Chief Manager and sanctioning authority at the time by transferring funds to his personal account, allowing unauthorized TOD/TOL without customer applications, and debiting cash credit/loan accounts with insufficient funds.

Additionally, he deceived some borrowers into sending money out of compassion. He has permitted the transfer of money for personal benefit without the consent of the client in situations where no formal directive was received.

It has been reported that these funds were used for stock market investments. Considering the aforementioned, it was determined that he had prima facie criminal intent. Therefore, I believe that a Prevention of Corruption Act investigation is necessary.

In accordance with Section 11 of the Prevention of Corruption Act (obtaining undue advantage by a public servant without consideration from a person concerned in a proceeding or business transacted by such public servant), the CBI has filed a case against Kumar.

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Big Scam in Bank :"Ghost" FDs Totaling Rs 116.84 Crore Found in Government Accounts

 

Another theft of Rs. 116.84 crore has been reported at IDFC First Bank, following the loss of Rs. 590 crore in Haryana government accounts kept there. Following the finding of "ghost" fixed deposits and financial irregularities totaling ₹116.84 crore, Chandigarh Police's Economic Offenses Wing (EOW) filed a formal complaint on Monday. 

The money is connected to the accounts of Chandigarh Smart City Limited (CSCL), which is no longer in operation. These accounts were kept at IDFC First Bank's Sector-32 branch.Amit Kumar, Commissioner of the Municipal Corporation (MC), Chandigarh, reported unusual financial activities and potential fraud involving a significant sum of public funds, according to the FIR. 

Based on the complaint, the EOW filed a case under a number of Bharatiya Nyaya Sanhita (BNS) sections, including criminal conspiracy, criminal breach of trust, fraudulent use of counterfeit papers, cheating, and forgery.According to police records, the alleged offense occurred over an extended period of time between March 28, 2025, and March 7, 2026. 

Financial transactions made through the IDFC First Bank branch in Sector-32 were connected to the suspected fraudulent activity. Anubhav Mishra, a resident of Adarsh Nagar in Naya Gaon, Mohali, is named as one of the suspects in the FIR. Ribhav Rishi is another individual included in the complaint. The potential involvement of other associates is also being looked into by the police.

The case is being handled as a major economic offense, according to police sources. Investigators are looking into the involvement of other people and any financial ties to the scheme.The investigating team will meticulously review financial papers, digital transaction trails, and bank records, according to a police officer. 

The goal is to determine how the money was misappropriated and whether insider assistance, account manipulation, or falsified documents were used in the scam. The accused and other relevant parties may soon be called in for interrogation by the EOW, which has begun gathering evidence. In order to monitor the flow of the money, police are also working with bank representatives and financial specialists.

More information is anticipated to surface during the probe, according to officials. Depending on the results, more charges and accused individuals may be added. Saurabh Joshi, the mayor of Chandigarh, has taken media claims regarding the purported ₹116.84 crore "ghost" fixed deposits very seriously. He has requested a thorough Action Taken Report (ATR) from the Municipal Commissioner and ordered an immediate investigation. 

Every rupee of public funds belongs to the people of Chandigarh, the mayor declared in a statement released on Tuesday, and any financial irregularity will not be accepted. According to reports, during March and April of 2025, fixed deposits totaling around ₹116.84 crore were not recorded in the official bank records. This sparked questions about accountability and financial oversight.

Mayor Joshi expressed worry about the matter and stated that Chandigarh is renowned for its clean administration and transparent governance. According to him, any issue involving that much public money ought to be looked into as quickly and transparently as possible. Additionally, he mentioned that the EOW has initiated an inquiry and filed a FIR. 

Officials were instructed by the mayor to fully assist the investigating agencies.Joshi has requested that the Municipal Commissioner name the officials and personnel in charge of overseeing and administering CSCL's bank accounts during the pertinent time frame. Additionally, he has suggested a thorough forensic examination of every financial transaction made by CSCL since its founding. An impartial third-party auditing firm should carry out the audit.

The Municipal Commissioner has been asked to submit a detailed report within five working days. The report should include the status of the financial discrepancies and the progress of the ongoing investigation.

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Banks will provide compensation to Customers for Digital Frauds

The Reserve Bank of India (RBI) has introduced a new compensation framework to help customers who suffer losses due to small value fraudulent electronic banking transactions. The rule aims to provide financial relief to genuine victims of online fraud.

The compensation scheme applies to individual customers who lose up to ₹50,000 due to fraudulent electronic transactions such as unauthorized online transfers or digital banking fraud.

Below are the key details of the new compensation rules.

If an individual customer becomes a victim of fraudulent electronic banking transactions and files a complaint, the person will receive compensation based on the following rule:

* The customer will receive 85% of the net loss amount, or ₹25,000, whichever is lower.

The compensation will be given only once in the customer’s lifetime. The net loss means the total loss after deducting any amount that has already been recovered or returned to the customer.

* If a customer loses ₹40,000 but ₹15,000 is recovered before compensation, the net loss becomes ₹25,000.

* In this case, compensation will be 85% of ₹25,000, which equals ₹21,250.

The compensation will be provided only if certain conditions are met.

The bank must confirm that the loss is genuine and bona fide, according to its internal policies.

The customer must report the fraud:

* On the National Cyber Crime Reporting Portal, or

* By calling the National Cyber Crime Helpline (1930).

* The fraud must also be reported to the bank within five calendar days of the transaction.

How the Compensation Amount Is Shared

The compensation amount paid to the customer is shared among three parties:

• Reserve Bank of India
• Customer’s bank
• Beneficiary bank (the bank where the fraud amount was transferred)

The contribution depends on the size of the loss.

Case 1: Loss Less Than ₹29,412

If the loss amount is less than ₹29,412 and compensation of 85% of the loss is paid:

• 65% of the compensation will be paid by the RBI
• 10% by the customer’s bank
• 10% by the beneficiary bank

Case 2: Loss Between ₹29,412 and ₹50,000

If the loss is ₹29,412 or more but not more than ₹50,000, the compensation will be ₹25,000. In this case, the contribution will be fixed as follows:

• RBI: ₹19,118
• Customer’s bank: ₹2,941
• Beneficiary bank: ₹2,941

What Happens if Money Is Recovered Later

Sometimes banks may recover part of the fraud amount after compensation has already been paid. In such cases, the bank will recalculate the compensation based on the final net loss and adjust the amount accordingly.

Examples to Understand the Rule

Example 1: Recovery Before Compensation

• Total fraud loss: ₹40,000
• Recovery before compensation: ₹15,000
• Net loss: ₹25,000

Compensation paid (85% of ₹25,000): ₹21,250

Contribution:

• RBI: ₹16,250
• Customer’s bank: ₹2,500
• Beneficiary bank: ₹2,500

Example 2: Full Recovery After Compensation

• Reported loss: ₹40,000
• Compensation paid: ₹25,000

Contribution:

• RBI: ₹19,118
• Customer’s bank: ₹2,941
• Beneficiary bank: ₹2,941

Later, the entire ₹40,000 is recovered. The recovered amount will be distributed as:

• Customer: ₹15,000
• RBI: ₹19,118
• Customer’s bank: ₹2,941
• Beneficiary bank: ₹2,941

Example 3: Partial Recovery After Compensation

• Reported loss: ₹40,000
• Compensation paid: ₹25,000

Contribution:

• RBI: ₹19,118
• Customer’s bank: ₹2,941
• Beneficiary bank: ₹2,941

Later recovery: ₹15,000

Net loss becomes ₹25,000, so the correct compensation should be ₹21,250.

Additional payment calculation:

₹15,000 + ₹21,250 − ₹25,000 = ₹11,250

Distribution of recovery:

• Customer: ₹11,250
• RBI: ₹2,868
• Customer’s bank: ₹441
• Beneficiary bank: ₹441

Application Process for Compensation

After reviewing the complaint, if the bank believes that the fraud case is genuine, it will provide the customer with an application form.

Once the customer submits the application, the bank must pay the compensation within five calendar days.

Banks will later seek reimbursement of the applicable amount from the RBI on a quarterly basis.

Validity of the Compensation Scheme

The compensation will be available only for fraudulent electronic banking transactions that occur within one year from the effective date of these directions.

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Bank Managers arrested in Rs.182 crore Fraud in Gujarat

In Gujarat's Kutch, a significant cyber fraud case has been detected. In a false account scam involving a cyber fraud of Rs 182,36,68,862 through 81 bank accounts, bank administrators of HDFC and Jana bank branches in Kutch have been taken into custody. 

Yasin Sayecha (27), agency manager, HDFC Bank Kandla zone branch; Hitesh Kapta (38), manager, Jana Bank Gandhidham branch; and Chandan Kapadia (41), manager, HDFC Bank Kandla zone branch, have been named as the individuals detained. Dipak Sharma, an elderly man who was one of the accused, is still at large.

These people allegedly helped open third-party savings accounts and current accounts under false names. They were compensated by fraudsters with commissions and by banks with incentives to register new accounts. 

Additionally, they assisted scammers in unfreezing accounts that had been frozen in response to complaints made to the cybercrime helpline (1930). The cybercrime police station in East Kutch, Gandhidham, discovered a large-scale cyberfraud scheme two weeks ago that used a network of fictitious bank accounts and shell companies. Bhuj IG Chirag Koradiya and SP Sagar Bagmar oversaw the operation.

The racket functioned as a commission-based network, where associates earned varying commissions for each bank account used to transfer or route fraudulently obtained funds. This structure enabled scammers across the country to deposit and move money through accounts controlled from Kutch.

The police also found that there were 74 complaints registered against the bank accounts illegally operated by the accused persons across five banks. These complaints were from victims across West Bengal, Maharashtra, Tamil Nadu, Haryana, Uttar Pradesh, Karnataka, Rajasthan, Punjab, Uttarakhand, Bihar and Telangana.

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