MADURAI/VIRUDHUNAGAR: Sometime in the second week of July last, five persons knocked on the doors of the Theni police, complaining that an unidentified person had obtained loans in their names, without their knowledge. Little did the investigators know that their probe would unearth a ‘white-collar’ heist, which conservative estimates peg at a whopping `100 crore.
While nearly two months have passed, little headway has been made into the probe as bank officials have given the sleuths’ summons a skip. Now, the bank officials have moved the Madurai Bench of the Madras High Court for anticipatory bail.
The issue came to light when five persons lodged a complaint with the Periyakulam Thenkarai police, alleging identity theft and forgery to secure loans in their names. The sleuths zeroed-in on Shenbagan, a pulse mill owner. The modus operandi was reportedly simple: Shenbagan would induce his employees to part with their income and identity documents under the pretext of buying insurance. Once he secured their Aadhaar number, ID proofs and signatures on forms, he would submit the papers to State Bank of India branches at Theni, Periyakulam, Aundipatti and Nilakkottai and apply for loans.
Sources claimed that Shenbagan reportedly secured loans around `100 crore from various branches using the stolen identity.
Once Shenbagan’s role in the crime was established, the sleuths arrested him, uncle OMS Velmurugan, friend Kalaiselvi and two touts Solairaja and Sannasi under sections 420, 428, 427, 455, 406, 465, 468, 471, 294B, 505/1 of the Indian Penal Code on July 30. The five persons were later sent in judicial remand
While one facet of the probe was seemingly over, police suspected that some bank officers were hand-in-glove with Senbagan. The investigators sent summons to some officers to join the investigation, but there was no response for over a month. The next development in the case occurred when some officials moved the HC for advance bail.
According to a manager of a State Bank of India branch in Madurai, an RBI circular instructs all banks to report frauds of over `25 crore and up to `50 crore to CBI’s Banking Security and Fraud Cell, irrespective of the involvement of a public servant. The circular was confirmed by the Central Vigilance Commission via a notification. However, in this case, no such move was made.
Focus now on recovering money
The case is still pending at station level. There has been no move to transfer it to Economic Offence Wing or an external investigation agency. Investigation Officer of the case Madanakala said, “Though five persons have been arrested, we suspect the involvement of many others. Despite summons, no official turned up, and now they have moved the High Court for advance bail. The focus now is on recovering the money.”
When asked why the case was not transferred to the EOW, Theni SP V Baskaran said that the enquiry was underway and they still have a month to file a charge sheet.