Three men, including a senior manager of UCO Bank were arrested, for getting loans sanctioned on fake documents. Rama Chandra Dash (56), manager of a laxmi Nagar branch, sanctioned loans in connivance with his associates Subodh (30) and Sunny Rakhrai (29).
According to police, Subodh, an MBA from Odisha, was the mastermind and used his contacts with Dash to cheat people applying for car loans. He was involved in similar cases earlier as well while working with HDFC and Citi life.
"He (Subodh) would contact people whose loans had been rejected by the bank and would get them approved illegally using fake income tax return documents," said a police officer. However, when the loan was sanctioned, the advance amount paid by the customer was kept by the gang.
"One of the victims paid Rs 2.5 lakh as advance for a car costing Rs 13.5 lakh. The amount was not deducted in the sanctioned loan," said the officer. Meanwhile, Rakhrai was arrested for getting a loan sanctioned from the bank and then encashing it through a fake bank account posing as a car dealer.
Their arrest came after a tip off and Subodh and Dash were put to sustained interrogation. They disclosed that Dash would arrange documents and later acquired loans by using forged documents.
"Since the bank manager and Subodh belonged to the same village in Odisha and knew each other well, the duo entered into a conspiracy to get the loans sanctioned to his clients. In a unique case the vehicle loan sanctioned was encashed by accused Sunny Rakhrai based on the forged documents. This person instead of purchasing the car opened a forged account and encashed the demand draft showing himself as the auto dealer," he said.
Subodh is an MBA and has earlier been arrested in a similar case at Police Station Krishna Nagar. He has also worked in Citi Financial as team leader in 2005 and HDFC Standard life as Sales Development Manger till 2008. Rama Chandra Dash sanctioned the vehicle loans to different persons without verification of residential/ businesses addresses and also gave false verification reports in the loan files.