Gujarat police arrest two in connection with a major fraud involving Valsad Mahila Nagrik Sahakari Bank, where 10 individuals allegedly duped the bank of Rs 4.80 crore.
In a significant breakthrough in a fraud case involving the Valsad Mahila Nagrik Sahakari Bank, Gujarat police arrested two individuals on Sunday. They were accused of being involved in a loan scam that defrauded the bank of Rs 4.80 crore in September 2022. Police have also booked the bank’s retired general manager, Soham Desai, for allegedly approving the loan without adhering to proper procedures.
Sonal Rajesh Desai, the CEO of the bank, filed a complaint on Saturday with the Valsad town police station, naming 11 suspects in the case. Based on this complaint, the police registered a case under various sections of the Indian Penal Code (IPC).
As per the complaint, Soham Desai, who retired as the general manager on December 31, 2019, was reappointed for an extension and continued in his role until December 31, 2023. Desai allegedly approved the loans for the accused by accepting photocopies instead of original mortgage documents. Moreover, the properties presented as collateral were later found to be mortgaged with other financial institutions, a fact that Desai failed to verify.
The investigation revealed that all loan applications submitted by the accused were sanctioned in December 2022, with the accused individuals acting as guarantors to one another.
According to Inspector D.D. Parmar, two suspects, Anshu Thakur and Sanjay Gupta, have been arrested so far, while others remain at large. Parmar also emphasized that the former general manager granted these loans without seeking the necessary approval from the bank’s board of directors, violating bank protocols.
As the investigation continues, the authorities are working to apprehend the remaining suspects involved in this extensive loan fraud.