CBI Launches Investigation into Major Mudra Loan Fraud at Barabanki Bank Branch
The Central Bureau of Investigation (CBI) has officially registered a case concerning an alleged fraud amounting to Rs 2.78 crore in the disbursal of Mudra loans at the Bank of India branch located in Barauli Malik, Barabanki. This decisive action follows explicit directions issued by the Allahabad High Court, highlighting the judicial oversight in addressing financial misconduct.
Probe Targets Bank Officials and Middlemen in Elaborate Conspiracy
The agency's anti-corruption branch based in Lucknow has initiated a comprehensive probe into what appears to be a well-orchestrated conspiracy involving bank officials and intermediaries. According to the First Information Report (FIR), the named accused include branch manager Aman Verma and field officer Shailendra Pratap Pankaj, alongside other unknown individuals. These officials are alleged to have played pivotal roles in sanctioning and subsequently diverting loan funds illicitly.
In a coordinated effort, CBI teams executed searches at four distinct locations in Lucknow and one in Mainpuri. During these operations, crucial documents and evidence directly linked to the fraudulent activities were seized, bolstering the investigation's foundation.
Details of the Fraudulent Scheme and Financial Impact
The complaint, formally lodged by current branch manager Rajeev Bachchan, reveals that the fraud pertains to loans sanctioned during the fiscal year 2022-23. During this period, a total of 41 Mudra loan accounts were approved, allegedly in blatant violation of established banking norms and procedures.
Investigations have uncovered that instead of being utilized by genuine beneficiaries as intended, the sanctioned loan amounts were systematically diverted to unauthorized bank accounts. This diversion has resulted in a substantial financial loss of Rs 2.77 crore to the Bank of India. In response, the bank has urgently requested authorities to freeze these implicated accounts and initiate robust recovery proceedings to mitigate the damage.
Role of Middlemen and Victim Testimonies
Sources close to the investigation have identified a key middleman, Suresh Rawat, who allegedly played a central role in facilitating the fraud by bringing individuals to open accounts under dubious circumstances. In numerous instances, the purported beneficiaries were either completely unaware of the transactions or were deliberately misled about the nature and purpose of the loans.
One such victim, Salman, approached the court with a compelling claim that a loan of Rs 9.1 lakh was fraudulently taken in his name without his knowledge or consent. Despite lodging formal complaints with local police stations in Jaidpur and Satrikh, no substantive action was taken, ultimately prompting him to seek judicial intervention by moving the High Court.
Judicial Intervention and Escalation to CBI
Earlier, on February 21, 2024, the Bank of India submitted a formal complaint to the Jaidpur police station, explicitly seeking the registration of an FIR. However, the case was not registered by the local authorities, leading to a delay in justice. Following persistent judicial intervention and mounting pressure, the CBI has now taken over the investigation, underscoring the seriousness of the allegations and the need for an impartial, high-level probe.
This case highlights critical vulnerabilities in the Mudra loan disbursal process and raises significant concerns about internal controls within banking institutions. The CBI's involvement is expected to bring transparency and accountability, ensuring that those responsible for the fraud are held accountable and that measures are implemented to prevent similar incidents in the future.
