28 people, including NBFC employees, charged in Rs 4 cr loan fraud

Rajkot: Twenty-eight people, including three employees of a non-banking financial company (NBFC), have been charged with misappropriating Rs 4.13 crore through fraudulent loan applications using counterfeit documents.

A complaint filed at Rajkot's University police station alleges that a branch manager, a sales manager, and a staff member assisted 25 ineligible people in securing loans by manipulating records to appear legitimate. The fraudulent activity began in Sept 2023.

The company's legal manager, Chandresh Jobanputra, lodged the complaint against Amit Dhrajiya (third-party inspector), Hitendrasinh Zala (branch manager), Akash Vyas (sales manager) and 25 loan beneficiaries for fraud, forgery and criminal conspiracy.

According to the complaint, the company follows a rigorous loan approval process, including secured and unsecured options. This involves verifying credit scores, assessing income tax returns, bank statements, and asset valuation. The sales manager reviews the documents before forwarding them to the branch manager, who arranges third-party inspections. After verification, the branch manager submits reports for loan approval and conducts property inspections post-disbursement.

Between Sept 30, 2023, and June 30, 2024, Vyas, Zala, and Dhrajiya allegedly conspired with 25 applicants to approve loans for unqualified borrowers. The loans were issued under various entity names, with some applications supported by falsified Panchayat records and fabricated machinery purchase invoices.

The accused employees reportedly provided favourable reports for unauthorized loans to specific clients in exchange for commissions. The fraud came to light when multiple loan installments defaulted, exposing the forged documentation and employee involvement, resulting in substantial financial losses.

Investigation officer Haresh Patel confirmed that University police arrested Zala, Dhrajiya and three loan recipients shortly after the complaint was filed. The search continues for Vyas and the remaining suspects.

Initial interrogations revealed that Zala and Dhrajiya admitted to approving loans using false records and receiving commissions of 5-10% per loan, which they then distributed among themselves.