The Kolkata Police have launched a probe into an alleged loan fraud involving 12 central government employees, most of them working with Indian Railways, for securing bank loans using forged documents and defaulting on repayments.
Among those under investigation, Palas Mukhopadhyay, a railway staffer, has been arrested and is believed to have taken the largest amount — Rs11 lakh. According to police sources, the total amount fraudulently obtained by the group is close to Rs1 crore.
While the figure may not seem excessively high, authorities are treating the case seriously due to the consistency in the method of fraud, suggesting an organized racket. Each accused allegedly approached a particular financial institution through select marketing agents, submitted forged documents (especially related to income), received loan approvals, and paid a few EMIs before ceasing repayments.
“This isn’t a case of isolated defaults. The similarity in forged paperwork and the role of the same agents point to a coordinated fraud,” said an investigator.
A background check conducted by the lender raised red flags, as all loan applications came through a specific network of agents, with identical types of forged income proof. The institution subsequently filed a complaint at the Park Street police station, prompting an official investigation.
Given that central government employees are generally seen as low-risk for unsecured loans, the systematic nature of the forgery has made this case particularly concerning for both law enforcement and financial institutions.
Police are currently expanding the probe to uncover the full extent of the racket, including the involvement of financial agents who facilitated the process.
