In a major breakthrough, Chaibasa police have uncovered a massive fraud involving the embezzlement of ₹1,58,96,800 (₹1 crore 58 lakh 96 thousand 800) from Kolhan University’s Chaibasa branch. The fraudulent transactions were carried out through the unauthorized withdrawal of funds from the university’s bank account by criminals using fake documents.
Following the revelation, a formal application was submitted at the Muffasil Police Station in Chaibasa, leading to the registration of Case No. 25/2025 dated 19-02-2025 under several sections of the Indian Penal Code (IPC), including 316(2), 318(4), 338, 336(3), 340(2), 341(1), and 61(1) as per the Jharkhand State Act, 2023.
Considering the gravity and complexity of the case, Superintendent of Police (SP), Chaibasa, P. S. Bhume, constituted a Special Investigation Team (SIT) under the leadership of Inspector Parul Ranka, Deputy Superintendent of Police (Operation), Chaibasa, and Assistant Superintendent of Police (Headquarters) Fufkli Raya. The SIT is actively investigating the case to identify and apprehend the accused involved.
During the investigation, police teams conducted multiple raids at different locations, including Odisha, West Bengal, Chhattisgarh, and Bokaro, Ranchi, and Godda districts in Jharkhand. As a result of these operations, three accused were arrested, and the following items were seized: ₹14,80,000 in cash, Five mobile phones, One ATM card and 73 bank cheques.
The investigation revealed that approximately ₹93 lakh of the embezzled amount was debit-frozen and is now being reimbursed to the complainant's account. Police have also initiated contact with various banks in and outside the state to track the remaining amount.
The arrested individuals have confessed to their involvement in the crime and are being presented in judicial custody. Their names are as follows: Kunal Kumar (35), resident of Ekudpur, Chatra, Bokaro, Jharkhand. Lalit Kumar (35), associated with ESAF Bank, Ranchi, Jharkhand. Amrita Sharma (26), employee of Yes Bank, Chandankiyari branch, Bokaro, Jharkhand.
The Chaibasa Police are continuing their investigation to nab other suspects involved in the racket. The police have appealed to the public to report any suspicious activities related to banking fraud.
