Vadodara: A major loan fraud has come to light at the SBI RACPC (Retail Assets Central Processing Centre) branch in the Ellora Park area, where home loans worth ₹1.97 crore were sanctioned between August 2021 and October 2022 based on forged documents. A total of 16 individuals—including loan recipients, two agents, and four field executives—have been booked for cheating at the Gorwa Police Station.

The SBI RACPC branch at Ellora Park handles personal, educational, and home loan applications. Customers seeking home loans typically approach agents of SBI Securities (SSL), who assist them with form filling, collecting the necessary documents, and submitting them to the bank.

Once submitted, verification of the applicants’ residences and workplaces is conducted by K. Pravin Chandra & Associates, originally based in Ahmedabad and currently operating from Alkapuri. The fraud came to light when a whistleblower alerted the bank. An internal investigation by the bank’s Fraud Monitoring Cell later revealed that, in six cases, forged income documents were used to obtain home loans.

Further probe revealed that the applicants were not employed at the workplaces mentioned in their applications. Between August 2021 and October 2022, the agents allegedly took commissions of ₹1.70 lakh from each loan applicant and submitted forged identity cards, appointment letters, salary slips, Form-16s, and bank statements to secure loans totaling ₹1.97 crore. These loans were approved by then Chief Manager Charan Singh Chaudhary.

However, the six loan accounts have since turned into NPAs (non-performing assets) after the borrowers failed to repay EMIs. Acting on the findings, current Chief Manager Yagnesh Patel filed an official complaint at the Gorwa Police Station. Police have registered an FIR and launched an investigation into the scam. DeshGujarat