Mumbai: The CBI has initiated a probe into an alleged fraud committed by a private person who used fake Kisan Vikas Patra (KVP) with the face value of Rs 70.5 lakh to dupe a bank last year. The accused used the fake KVPs to draw Rs 50 lakh as loan against them from a nationalised bank. The agency will examine the possible role of bank/postal officials in the fraud and the source of the fake documents.
According to a CBI source, a Raigad resident, A. Patil, had allegedly pledged 141 KVPs with the Andheri branch of a nationalised bank that were purportedly issued by the a post office in Bhiwandi in September last year. Later the accused was given an over-draft facility by the bank. Using the over-draft facility, the accused took a loan of Rs 50 lakh that has stayed unpaid.
The source said, “When the bank approached the Bhiwandi post office for redeeming the 141 KVPs, it was told that they were fake, fabricated and not issued by them.” As a result, the fraud caused a loss of Rs 70.5 lakh to the bank, said the source.
The CBI is examining the role of a senior bank officer for not having carried out due diligence in verifying the authenticity of the KVPs and also for allowing the accused to draw a loan against them, said the source. Each of the fake KVPs had a face value of Rs 50,000. The CBI has registered a case under sections related to criminal conspiracy, cheating and provisions of the Prevention of Corruption Act.
