A major banking fraud, involving personal loans worth over Rs 9.2 crore sanctioned on the basis of forged documents, has been uncovered at the main branch of Bank of Baroda in Rae Bareli. The local police have registered a formal case against 48 borrowers following a complaint by the bank's authorities.
Details of the Fraudulent Scheme
Acting on a written complaint filed by the bank's Chief Manager Mukesh Sinha, the Sadar Kotwali police station in Rae Bareli district registered the First Information Report (FIR) on Wednesday. The internal probe by the bank's regional office revealed that during 2024 and 2025, a total of 48 loan accounts were opened fraudulently.
Rae Bareli Additional SP Sanjeev Sinha explained the modus operandi. "The loan applicants allegedly used identity documents that either did not belong to them or contained incorrect personal details. In several cases, the name, address, or parentage mentioned in the loan application did not match the actual identity," Sinha stated. The accused deliberately concealed their true identities to avoid future traceability and recovery actions.
Coordinated Effort and Legal Charges
Investigators noted that the loans were sanctioned in a suspiciously narrow range, mostly between Rs 17.5 lakh and Rs 20 lakh, pointing towards a coordinated effort rather than random, isolated frauds. The FIR meticulously details all 48 accounts, including borrower names, addresses, and sanctioned amounts.
The alleged offences took place at the Bank of Baroda Main Branch near Jail Road. All 48 accused have been booked under stringent sections of the Bharatiya Nyaya Sanhita (BNS), including cheating, cheating by impersonation, forgery of documents, forgery of valuable securities, and dishonestly using a forged document.
Ongoing Investigation and Scrutiny
Police have launched a comprehensive investigation. Teams are now verifying original identity documents, cross-matching borrower details with Aadhaar and other government databases, and scrutinizing the entire loan processing paperwork.
The role of potential middlemen is under the scanner. Senior officers have also indicated that the probe will examine if there were any internal lapses, negligence, or complicity by bank staff during the verification or sanctioning processes. If such involvement is established, further legal action will be initiated against the employees. The investigation will also explore options for loan recovery and possible attachment of properties under relevant laws.
