Three arrested for defrauding financial institution by submitting solid paperwork

The Bank Fraud Investigation Wing of Central Crime Branch (CCB) has arrested three individuals, together with a financial institution supervisor, for allegedly defrauding the HDFC Bank by submitting solid paperwork and acquiring loans fraudulently. 

According to the police, Gilian Kumar, supervisor of Credit Intelligence and Control Unit of HDFC Bank, Aminjikarai department lodged a criticism in regards to the fraud final month. The complainant alleged that one Kumudha Krishnan had submitted paperwork, resembling Know Your Customer (KYC) particulars, revenue tax returns, checking account assertion, work order and citation for purchasing a cellular crane car from IVR Enterprises and availed a mortgage of ₹30.91 lakh in final September. Similarly Jahir Ali additionally obtained ₹30.87 lakh by submitting paperwork in an identical method. 

The complainant alleged that one Yaser Arafat, who was working with the financial institution as relationship supervisor, didn’t conduct dealership verification and sanctioned the loans. During inner investigation, the financial institution officers discovered that the connection supervisor and loanees had colluded collectively and fraudulently bought the mortgage sanctioned. Moreover, they didn’t repay the mortgage and triggered a complete lack of round ₹60 lakh. 

Following the criticism, the CCB started investigation and arrested Kumudha Krishnan, 42, of Villivakkam, Yaser Arafat, 40, of Chintadripet who was the connection supervisor and Radhakrishnan, 47, of Jafferkhanpet.