KOCHI: A Kolenchery native was allegedly defrauded of Rs 30 crore by managers of Bank of Maharashtra using forged documents, including cheques.
Eldho Paul, 49, a small-time contractor, discovered the fraud by officials of the bank’s branch in Kochi only after his property got entangled in seizure proceedings before the Ernakulam Chief Judicial Magistrate Court, after a fake guarantee agreement bearing his forged signature was submitted.
“I neither had an account with the bank, nor knew my properties were pledged for a loan until the court proceedings began,” said Eldho.
It all began in 2023 when Eldho faced financial issues. A group of agents associated with the suspects allegedly approached him, offering to help secure a loan of Rs 1 crore. Citing issues with their own CIBIL scores, Shibu Jacob, the bank’s circle manager and a resident of Pazhamthottam, and Arun, a manager with its various branches, convinced him they could arrange a loan and requested property-related documents. They gained his trust, collected stamp papers and blank cheques, and issued a loan of around Rs 30 lakh.
“I repaid the loan via multiple transactions; I have all the records. Only later did I discover that they had secured a Rs 30-crore loan from the bank’s Kakkanad branch using my documents. The suspects even obtained the property’s location sketch, tax receipts and possession certificate, all without my knowledge,” Eldho told TNIE.
He said the market value of his pledged properties would not exceed Rs 12 crore, and banks typically consider it in the range of Rs 7–8 crore. Still, the fraudsters managed to secure a Rs 30-crore loan, he said.
Eldho also alleged that the fraudsters used forged documents of Jenny Varghese, Jeeba Jenny and Jeenu Varghese, who own firms operating under names like Kanjiravelil Traders and Genuine Spices, to embezzle Rs 120 crore from multiple branches of Bank of Maharashtra.
Eldho has sought a CBI probe and forensic verification of the signatures, saying he has submitted a letter to the Union finance minister.
The Ernakulam Rural police said a a case has been registered under various sections of the IPC, including cheating, criminal breach of trust, and forgery.
“The case was registered following court endorsement, and a detailed investigation is on. Preliminary findings suggest the bank has also initiated an internal inquiry,” said an SI with Puthencruz police.