EOW Books Bank Officials, Suppliers For ₹10 Lakh MSME Loan Fraud In Bhopal
· Free Press Journal
Bhopal (Madhya Pradesh): The Economic Offences Wing (EOW) has registered a case against bank officials, fake loan beneficiaries, and suppliers for allegedly cheating genuine loan applicants, officials said here on Friday. A complaint was received from a businessman who stated that an MSME loan of ₹10 lakh had been sanctioned in his name without his knowledge. He claimed that he neither received the machinery nor the loan amount.
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During the investigation, it was revealed prima facie that the complainant’s maternal uncle (now deceased), in collusion with the Branch Manager of a bank’s M.P. Nagar branch in Bhopal and representatives of two machinery-supplying firms, allegedly secured the loan using forged documents. They subsequently withdrew ₹8.85 lakh from the loan amount on the pretext of purchasing machinery and distributed the money among themselves.
A similar modus operandi was allegedly followed in three other loans sanctioned by the same branch in March 2024.
Based on these findings, a case was registered against Rahul Bhosale (Branch Manager), Rajiv Rajput (Financial Advisor), Naima Ali (Proprietor, Vishal Enterprises), Qamar Ali (Director, Vishal Enterprises), and Umar Ali (Proprietor, Global Marketers) under Sections 420 and 120-B of the Indian Penal Code.
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The investigation revealed that the complainant’s loan was processed in a single sitting on March 21, 2024, with the entire process—from application to disbursement—completed within 3–4 hours.
The complainant’s maternal uncle had already submitted all loan documents to the bank. The complainant was asked to appear before the branch manager and merely sign the pre-prepared documents.
The bank allegedly conducted no site inspection, did not verify the details of the firm supplying the machinery, and did not introduce the complainant to the seller.
The investigation found that while the loan amount was transferred to Vishal Enterprises’ account for purchasing machinery, no machinery was delivered to the complainant.
Instead, the firm’s operators allegedly routed the money through another firm owned by them, Global Marketers, into the complainant’s mother’s account. From there, the funds were transferred on the same day or the following day to the accounts of the complainant’s maternal uncle and other individuals allegedly designated by him.
Amounts of ₹3.91 lakh and ₹3 lakh were circulated through this process.
On the day the loan was processed, ₹50,000 was allegedly transferred to Financial Advisor Rajiv Rajput and ₹2.46 lakh to the complainant’s maternal uncle from the firm.
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The investigation revealed that this was not an isolated case. In March 2024, the complainant’s maternal uncle allegedly facilitated five loans from the same branch within a span of 10–15 days. Except for one applicant, none of the beneficiaries received the machinery.
Cases involving three other victims also surfaced during the investigation.
A printing press operator was allegedly helped in obtaining a loan of ₹9.90 lakh and a cash credit (CC) limit of ₹4 lakh. Although he eventually received the machinery after significant pressure, ₹1,88,988 was deducted in the name of GST based on a fake bill, and insurance charges were collected twice.
A woman engaged in gold jewellery work was sanctioned a ₹7 lakh loan in a single day on March 14, 2024, but allegedly never received the machinery.
Another man who approached the bank for a home loan was allegedly asked to pay ₹2.40 lakh in cash as “margin money”. An MSME loan was then sanctioned in his name without his consent, but no machinery was provided.
All these loans later turned into Non-Performing Assets (NPAs).
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