Illegal loans worth Rs 3.66 crore sanctioned
The police is also on the lookout for three agents who played a role in committing the fraud and are now absconding.
Mumbai: The Naupada police has arrested seven persons, including three sales officers, from Axis Bank’s Naupada branch, for allegedly illegally sanctioning personal loans to the tune of Rs 3.66 crore.
The police is also on the lookout for three agents who played a role in committing the fraud and are now absconding.
The investigation officer in the case, police inspector Senam Dhumath, said, “The modus operandi followed by the accused persons was that they would get in touch with loan agents, who would bring needy people into the picture and disburse a personal loan of up to Rs 7 lakh with forged documents. However, they would give only Rs 5 lakh while distributing the remaining Rs 2 lakh among themselves (officers and agents).”
“Since the loan approval procedure requires approval at several stages from different officers, the accused persons used to hack into the accounts of their superiors and pass the loan without reporting the matter to the bank manager,” he said.
Police sources said that the fraud came under the scanner of the fraud control unit of Axis Bank after the latter noticed that documents submitted for loan approval of certain persons were suspicious.
Further investigation into the matter revealed that three sales officers of the bank were disbursing personal loans to poor people based on forged documents. When confronted, the bank employees confessed to their crime.