Ludhiana Bank Manager Accused of ₹3.90 Crore Fraud Using PM Mudra Yojana
Ludhiana bank manager booked for 3.90 crore fraud by ‘misusing Centre’s PM Mudra Yojana’
The Indian Express
Image: The Indian Express
A bank manager in Ludhiana, Punjab, India, has been booked for allegedly defrauding ₹3.90 crore ($470,000 USD) by misusing the Pradhan Mantri Mudra Yojana (PMMY), a government scheme for small business loans. The manager is accused of creating fake loans using colleagues' credentials.
- 01Bank manager Pankaj allegedly misused the Pradhan Mantri Mudra Yojana to commit fraud.
- 02He is accused of generating 22 fake loans totaling ₹3.90 crore ($470,000 USD).
- 03The loans were sanctioned without legal documents.
- 04The case was filed by Uma Kanta Samal, senior regional manager of Indian Overseas Bank.
- 05An investigation is underway, but the accused has not yet been arrested.
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The Ludhiana Rural Police have filed a case against Pankaj, a bank manager formerly at the Baddowal village branch of Indian Overseas Bank in Ludhiana district, Punjab, for allegedly committing fraud amounting to ₹3.90 crore (approximately $470,000 USD) through the Pradhan Mantri Mudra Yojana (PMMY). The PMMY is a government initiative that provides loans to small businesses without collateral. According to a complaint lodged by Uma Kanta Samal, the senior regional manager of the bank, Pankaj misused the login credentials of two colleagues to create 22 fake loans. These loans were sanctioned without any legal documentation, and the funds were transferred into Pankaj's personal account. The FIR has been registered under sections 318 (4) for cheating and 316 (5) for breach of trust by a public servant. The police have initiated an investigation, but Pankaj has not yet been apprehended.
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This case raises concerns about the integrity of banking operations and the potential misuse of government schemes, which could affect public trust in financial institutions.
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