SBI duped of ₹2 cr using bogus documents for loans in Vadodara, police book 16 persons

A major loan fraud has come to light in Vadodara, where six individuals, with the help of agents, defrauded the State Bank of India (SBI)’s Ellora park branch of ₹1.97 crore. The Gorwa police have registered a complaint and initiated a probe into the matter.

According to the police, the complaint was filed by SBI Branch Manager Yagnesh Patel. During an internal investigation into six loan accounts, the bank discovered that bogus documents had been submitted.

The six accused loan holders, Dhirajkumar Vaghela, Sheetal Desai, Babu Sami, Anil Nelwada, and Shrikantkumar Solanki, were found to have submitted fake residence proofs, salary slips, and appointment letters.

The agents who assisted in the loan application process had taken money from the loan applicants in exchange for preparing and submitting forged documents.

The document verification had been approved by Pravinchandra and Associates, an agency based in Ahmedabad, which is now also under scrutiny.

A total of ₹1.79 crore in loans was disbursed to these individuals. Though their properties were mortgaged, they failed to pay the EMIs, thereby committing financial fraud.

Following the investigation, the Gorwa police have registered a case against 16 individuals in connection with the fraud.