Six arrested for Rs 1.95-crore HDFC Bank loan fraud

Two agents of main accused, three outsourcing staffers of bank among held.

Published: 25th February 2018 03:14 AM  |   Last Updated: 25th February 2018 03:14 AM   |  A+A-

By Express News Service

KADAPA: The police arrested six persons, including three outsourcing employees, for taking Rs 1.95 crore loan from the HDFC Bank by producing fake pay slips and bank statements.  Addressing a press conference here on Saturday, DSP Sk Masum Basha said that six persons, including the main accused Abdul Gafar, were arrested for cheating the bank to the tune of Rs 1.95 crore. Three of the arrested were outsourcing employees of the bank. A Bullet motorcycle, a computer and a pen drive were seized from the main accused.

Giving the case details, the DSP said Abdul Gafar set up a brokerage firm in a small room in the city. He created fake documents that he provided employment to several persons and was paying them salary every month. He lured 41 persons by promising to get bank loans sanctioned for them at a commission     Rs 20,000 per Rs 1 lakh. He took their Aadhaar cards. He generated fake pay slips and bank statements in their names showing that they were working in his brokerage firm. Later, he applied for a loan in the HDFC Bank, claiming that all the 41 persons were his employees. The bank executives had to examine the bonafides of the applicant before sanctioning the loan. But the accused managed the bank executives and got Rs 1.95 crore loan sanctioned.

When the loan installments were not paid, the HDFC Bank intelligence wing conducted an inquiry and found that the documents submitted by Abdul Gafar were fake. Based on the inquiry report, the bank officials lodged a complaint in One Town police station.All the 41 persons who were shown as employees of the accused, were daily wagers and small vendors. The arrested included Abdul Gafar, his agents Anthony Babu and Mahaboob Basha and bank outsourcing employees Hari, Balaiah and Rajasekhar.
Three other accused in the case are at large. The DSP said all the accused in the bank loan fraud would be arrested soon.

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