Loan Fraud Case Nagpur Rural Police Attached 105cr Property

Biggest Froud

Nagpur: In a significant development, the Economic Offences Wing (EoW ) of Nagpur Rural Police has attached property worth Rs 105 crore including 119 acre agricultural land of a prime accused in a loan fraud case in which the accused had duped hundreds of gullible farmers by misusing their documents, a media report said.

The accused had fraudulently borrowed loans of Rs 5 lakh to Rs 50 lakh in the names of farmers and pocketed the money. Seven accused persons have been cooling their heels behind bars in jail for the last two years.

According to the report, the fraud came to fore when a group of farmers had filed complaints with the Jalalkheda Police Station in 2018, stating they have received notices for “defaulting” on loans worth Rs 40 lakh to Rs 50 lakh each from a public sector bank. However, the farmers claimed they have not taken any loan from the bank. The investigation of the case had unearthed major loan fraud by the accused persons in connivance with public sector bank officials and National Commodities Management Services Limited (NCML).

The police had arrested prime accused Rakesh Upendra Singh (44) and his wife Nutan Rakesh Singh (42), both residents of Welcome Nagar, Bokhara, Nagpur, Nilesh Sheshrao Dhopre (38), a resident of Sinjar village of Narkhed tehsil, Union Bank’s official Sandip Revnath Jagnale (34), a resident of Murmadi village in Bhandara district, NCML official Pawankumar Dhannaram Swami (38), a resident of Churu district of Rajasthan and Pravin Narayan Mondhe (47).

Informing about the modus operandi of the accused persons, the report stated that the accused Rakesh Singh owns warehouses in Kalmeshwar area. He tapped a farmer loan scheme by government banks to commit the fraud. As per the scheme, farmers are entitled to get a loan on the agricultural produce stored in the godowns or warehouses. A letter of NCML required for the loan from a public sector bank, the report said. Singh hatched the conspiracy in connivance with officials of NCML and banks. The accused Nilesh Dhopre was collecting 7-12 extract and Aadhar cards from farmers in the name of sanctioning a government scheme. Each farmer was getting Rs 10,000 to Rs 15,000 against the photocopy of the documents. Singh was misusing the documents to procure the loan of Rs 5 lakhs to Rs 50 lakh from Corporation Bank in the name of farmers by managing NCML and bank officials, police said.

The loan amount was credited to bank accounts of farmers and the accounts were handled by Singh only. The investigators have discovered 350 such bank accounts handled by Singh himself.

The fraud continued smoothly for two to three years and Singh had amassed huge wealth through the scam. He had purchased 119 acre of agricultural land and also set up a college. The money borrowed in the name of farmers was also returned by Singh within a year. However, he started defaulting instalments of the bank after rates of agriculture produced crashed in the market. As a result, the farmers had received letters from the banks for non-payment of installment of bank loan worth Rs 50 lakh.