Private bank loan fraud: Thane cops recover ₹1.1 crore from employees

the accused helped customers get loans illegally for 20-30% commission. they duped the bank of ₹3.6 crore.

The Naupada police have recovered Rs1.1 crore from seven arrested employees of a private bank who allegedly cheated the bank of Rs3.6 crore last year.

Seven employees are arrested, and three accomplices of the bank employees are on the run. (Representational photo)

The case was lodged on November 28 after senior officials complained about the fraud. Three accomplices of the bank employees are on the run.

According to the police, the accused illegally helped 55 customers get housing loans and received 20%-30% commission from them. The majority of the customers are relatives of the accused.

Senior officer Chandrakant Jadhav from Naupada police station said, “After the case was registered, the accused did not turn up for work.”

The seven employees — Chetan Shere, Nitin Ghadigaonkar, Girish Bhoir, Prashant Keer, Rohit Bhavsar, Ravindra Thakur and Nilesh Mhatre — were arrested in January and are in judicial custody.

They are in the age group of 20-30. They had been working for the private bank for more than one year.

The accused used to process loan applications after the rest of the staff had left for the day, said Jadav. They illegally used login ID and password of their colleagues to sanction the loans, he said. All loans were approved between March 2016 and July 2017.