Case Filed Against 5 Bank Officers in Agra, Chief Manager Suspended

In a serious development, the Jagdishpura police station in Agra has registered a case against five Indian Bank officers after an investigation based on a complaint filed by a woman. The case includes charges of fraud, defamation, and violation of the Information Technology (IT) Act, along with provisions under the SC/ST Act.

What Is the Case About?

According to ACP Loha Mandi, Mayank Tiwari, the case was registered after instructions from the SC-ST Commission. The complaint was filed by Preeti Singh, a resident of Nilgiri Enclave, Albatia Road, Agra.

Preeti Singh’s husband, Vikrant Singh, previously served as the Chief Manager at Indian Bank’s Noida branch. He was suspended by the bank in connection with a corruption case. Following his suspension, Preeti Singh filed a complaint alleging that bank officials acted illegally to falsely strengthen the case against her husband.

Who Are the Accused?

The FIR names five Indian Bank officers who are posted in different locations:

• Vikay Arya
• Deshbandhu Gupta
• Archit Gupta
• Harsha Sahu
• Vishesh Kumar Srivastava

These officers are posted in Noida, Lucknow, and Chandigarh, as per the FIR.

What Are the Allegations?

Preeti Singh alleged that the bank officers illegally accessed private bank account information belonging to her and her minor daughters, without any official permission. She claims that these details were taken without proper communication or authorization from the banks where these accounts were held, including Canara Bank and the State Bank of India (SBI).

She also said that forged documents were prepared to make false claims, and that every effort was made to damage her social reputation. The accused bank officials allegedly attempted to show that her husband’s corruption charges were valid by misusing their power and accessing private information.

Police Action and Legal Process

ACP Mayank Tiwari confirmed that serious allegations were made against the Indian Bank officials. He stated that the woman had been filing repeated complaints, which eventually reached the SC-ST Commission. After a legal review, police registered the case under relevant sections of the SC/ST Act, fraud, defamation, and the Information Technology Act.

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CBI has filed a case against hotel directors in Rs. 75 crore fraud case of PSU bank

The Central Bureau of Investigation (CBI) has brought a case against two former directors of Maha Associated Hotels Pvt Ltd in a significant effort to combat bank fraud.  Both Yash Deep Sharma and Laxmi Narayan Sharma, who hail from Hyderabad's Gachibowli neighborhood, are charged with defrauding Punjab and Sindh Bank of Rs.75.44 crore.

 Avdhesh Narain Singh, the zonal manager of the bank, filed a complaint, which prompted the CBI's Bank Security and Fraud Branch (BSFB), located in Delhi, to file the FIR.  Charges under IPC Sections 120-B (criminal conspiracy) and 420 (cheating), together with pertinent provisions of the Prevention of Corruption Act, are included in the FIR.  The case also involves a few unidentified private citizens and state employees in addition to the two directors who have been named.

Actual Case

The bank's complaint claims that in 2013, Maha Associated Hotels Pvt Ltd borrowed Rs.75 crore from the Connaught Circus Branch of Punjab and Sindh Bank in New Delhi. In Neemrana, Rajasthan, the loan was intended to finance the building of a hotel, a plaza with food and entertainment, and a hospitality training academy.

However, the bank has claimed that the monies were misappropriated and not used for these initiatives. On December 31, 2016, the account was designated as a non-performing asset (NPA) due to inadequate financial management and loan non-repayment.

What Happened

Maha Associated Hotels Pvt Ltd is not listed as an accused party, despite the fact that the directors are named individually in the complaint.  Under the Insolvency and Bankruptcy Code (IBC), the Jaipur-based business underwent the insolvency process.  A resolution plan for Rs.11.5 crore plus charges for the Corporate Insolvency Resolution Process (CIRP) was authorized by the National Company Law Tribunal (NCLT) in Jaipur on August 13, 2024.  Regretfully, the bank had little to no security available to recoup the outstanding loan balance.

Recovery of Loan Amount

The bank had obtained a mortgage on Neemrana land and other fixed assets in order to secure the loan when it was initially granted.  However, the bank used the SARFAESI Act to take symbolic ownership of the property in 2017 after the borrowers were unable to repay.  The healing process is still ongoing in spite of this.  The bank requested more than 104 crore in a recovery claim submitted to the Debt Recovery Tribunal (DRT).  That lawsuit has not yet been resolved.

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Fraud found in PSB & Private Banks as per AIBEA data

 EFFICIENCY PARAMETER OF BANKS BASED ON NO. OF FRAUDS REPORTED

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PSU Bank Branch Manager sent to 3 years Jail by CBI

 

In connection with a bank fraud case, a special CBI court in Ghaziabad has convicted two people—a private individual and a former bank manager of Union Bank of India—to harsh jail. Manoj Srivastava, the former Branch Manager of Union Bank of India's SSI Branch in Noida, was given a three-year severe prison sentence and a ₹5 lakh fine by the Special Judge for CBI Anti-Corruption proceedings. Private citizen Raj Kumar Samanta, his co-accused, received a ₹10 lakh fine in addition to four years of hard labor. The court fined the two accused a total of ₹15 lakh.

The case was filed by the Central Bureau of Investigation (CBI) on December 14, 2010, in response to claims that Manoj Srivastava, the branch manager, had processed a loan for Raj Kumar Samanta fraudulently. The bank suffered an unjustified loss as a result. On September 29, 2012, the CBI filed a chargesheet against both accused following a thorough investigation. Following the trial, the court imposed the appropriate sentence after finding both defendants guilty of criminal misconduct and cheating.

This judgment underscores the CBI’s continued crackdown on banking fraud and misconduct by public servants in collusion with private individuals.

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Axis Bank Manager Arrested in Bank of India(BoI) Loan Takeover Case for Rs 2.20 Crore Fraud

Rahul Patel, the branch manager of Axis Bank's Vesu branch, has been charged with fraud by the Athwalines police for allegedly defrauding Bank of India of Rs 2.20 crore by failing to turn over mortgage paperwork during a loan transfer. 

Police say the branch manager of Bank of India's Ghoddod Road branch made the allegation. The issue concerns Siddhi Dasani, who owned Shri Anand Impex in Kadodara and had a Rs 2.20 crore cash credit account with Axis Bank. 

Siddhi approached the Chauta Pul branch of Bank of India to assume the current loan because of the exorbitant interest rates.

A portion of the Rs 7.45 crore fresh loan that the Bank of India approved once all formalities were finished was used to pay off the outstanding balances at Axis Bank.  

Rahul Patel allegedly neglected to shut the previous loan account and provide Bank of India with the original mortgage property paperwork, which are necessary for these loan takeovers, even after receiving the money.

Unexpectedly, Siddhi and her husband, Uttam Dasani, allegedly took money out of the Axis Bank account even after the settlement was reached and then stopped making payments to the Bank of India.  The Axis Bank manager's inaction contributed to this chain of events, which caused Bank of India to suffer a financial loss and call the police.

For willful misconduct and fraud, authorities have filed a First Information Report (FIR) against Rahul Patel. They claim that Patel purposefully concealed important documents, allowing the Dasanis to abuse the system.

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Assistant General Manager(AGM) arrested in Rs.27 Crore Loan Fraud

The Assistant General Manager (AGM) of the State Bank of India (SBI) has been arrested by the Crime Investigation Department (CID) for his role in a loan fraud case involving Rs 27 crore in 2013.

From 2009 to 2011, the 53-year-old officer, K Sanjay, was employed as a Relationship Manager at SBI's Balanagar SME (Small and Medium Enterprises) branch. He is charged with using unlawful means to assist a business called Adarsh Communications Pvt. Ltd. in obtaining a loan of Rs 27 crore while he was employed at the bank.

These illegal methods included:

• Accepting fake documents (forged papers).
• Falsely claiming that agricultural land was actually non-agricultural, so it could be used to get the loan.
• Ignoring bank rules and not properly checking or securing the property kept as guarantee (collateral) for the loan.

The main people behind Adarsh Communications are:

• M. Anjaneyulu (Managing Director)
• Manikonda Reeta (Director and his wife)

They were hiding from the police since 2013 but were finally caught by the CID in Bengaluru in May 2024.

Another bank employee, G. Ravindranath, who was working as a Customer Support Officer at the same branch, is also accused in the case. However, he has not yet been arrested.

According to CID officials, Sanjay and others broke bank rules, trusted fake documents, and failed to protect the bank’s money. Because of their actions, the bank lost a huge amount.

The charges filed against them include:

• Cheating
• Criminal breach of trust (breaking the trust given to them)
• Forgery (using fake documents)

K Sanjay was brought to court and is now in judicial custody (kept in jail by court orders until the investigation or trial continues). More details will be released soon.

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Bank Manager and Clerk Arrested in Rs.23 Lakh Fraud Case

 

A branch manager and a clerk from Indian Bank's Santhome branch in Chennai have been taken into custody by the Central Crime Branch's Bank Fraud Investigation Wing on suspicion of being involved in a significant fund theft case.

The police claim that Sathya Narayana, the regional manager of Indian Bank, lodged the complaint that led to the arrests. He accused P. Jayasingh, a clerk at the Santhome branch, and Sundar Mohan Maji, the branch manager, of grave financial malfeasance in his complaint to the City Police Commissioner.

Misuse of Customer Accounts

The complaint claims that by fraudulently taking money out of customer accounts, the two bank employees abused their positions. They allegedly obtained dormant accounts those that had not been used for a long period of time and falsified customer signatures to siphon off funds without the account holders’ knowledge.

Loans Taken Without Customers’ Knowledge

The officials also allegedly took out loans in the names of unsuspecting customers. These loans were then settled by pledging jewellery, possibly stolen or fraudulently acquired. In one instance, they are accused of swindling 146.5 grams of gold jewellery from a customer. The total loss caused by their fraudulent activities has been estimated at Rs.23 lakh, as per the bank’s internal findings.

Arrest and Legal Action

The Central Crime Branch investigated the case and arrested both Sundar Mohan Maji and P. Jayasingh. They were presented before the court and have been remanded to judicial custody as the investigation continues.

This case has raised serious concerns over internal monitoring and customer account security at banking institutions. Authorities have assured that strict action will be taken and all efforts are being made to recover the defrauded amount.

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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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