Sacked bank manager held for loan fraud

A branch manager of a bank, who was terminated, has been arrested for allegedly preparing false verification report of a non-existent property and sanctioning loan on it, police said on Thursday.

Joint Commissioner of Police (Economic Offences Wing) O.P. Mishra said that the accused has been identified as Satish Kumar Bindal.

Police said Rajiv Gupta, a representative of Delhi Nagrik Sehkari Bank Ltd., approached them and stated that a loan of ₹5 lakh was sanctioned and disbursed to one Surinder Kumar from Lajpat Nagar branch. The mortgaged property for the loan in Khanpur subsequently turned into a non performing asset.

“During recovery proceedings, officials discovered that the mortgaged property does not exist. A case was then registered,” Mr. Mishra said.

During probe, the involvement of bank officials was suspected and it was found that a false verification and valuation report of the non-existent property was prepared by the accused Satish Kumar Binda, the then branch manager. It was due to this that the loan was wrongly sanctioned and disbursed to Surinder, who did not possess any property in Delhi, police said.

He said that Satish was arrested on Wednesday and further probe is under way.

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Printable version | Jan 27, 2021 12:32:50 AM |

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