The Fraud Investigation Cell of CID Crime has arrested a 52-year-old broker in connection with an alleged Rs64.04 crore loan fraud involving Mehsana Urban Co-operative Bank Ltd.
The accused, identified as Manoj Chaudhary, was detained in Gandhidham following a discreet investigation. He was later produced before a court and remanded to judicial custody as per legal procedure.
Alleged Loan Manipulation
According to officials, the fraud occurred between 2016 and 2023. Investigators allege that Chaudhary, along with his associates, secured development and business loans from the bank by submitting forged valuation reports and fabricated construction certificates.
These documents were allegedly presented as authentic to obtain substantial financial assistance. However, instead of utilising the funds for the declared projects, the accused reportedly diverted the money for personal use, causing significant losses to the bank.
Irregularities Triggered Probe
The case came to light after the bank detected discrepancies in loan documentation and repayment records. A formal complaint was subsequently lodged with CID Crime, Gandhinagar, which initiated a detailed investigation.
Authorities have registered offences related to criminal conspiracy, cheating, breach of trust, and financial misappropriation. Further investigation is underway to identify the role of other suspected co-conspirators and trace the flow of funds.
