Indore, Madhya Pradesh: The Economic Offences Wing (EOW) has registered an FIR against a group of persons, including bank officials and a property valuer, for orchestrating a Rs 33 lakh loan fraud using forged property documents at Canara Bank, Nanda Nagar branch.
The investigation followed a complaint by the bank’s Deputy General Manager, Anand Totad, and revealed serious lapses in due diligence and KYC verification by the bank authorities.
Details of the Scam:
Karamat Khan, proprietor of M/s Abu Road Lines, initially secured a Rs 10 lakh loan in 2016.
To increase the loan limit to Rs 33 lakh in 2017, the accused submitted forged title deeds for a property located at House No. 435-A, Green Park Colony, Indore.
The account was declared a Non-Performing Asset (NPA) in Dec 2019, triggering recovery proceedings under the SARFAESI Act, which exposed the fraud.
Investigations revealed that the property was already mortgaged to Indian Bank and auctioned off in 2021.
Accused Individuals:
Karamat Khan – Borrower
Mohammad Rafiq – Property mortgagor
Jatin Gupta – Former Branch Manager
Kamlesh Darwani – Former Credit Manager
Sunil Jain – Valuer/Engineer
Other associates linked to the fraudulent activities
The EOW noted a criminal conspiracy orchestrated by the borrower, mortgagor, bank officials, and valuer, exploiting irregularities in KYC verification and due diligence processes.
