Ludhiana bank manager booked for 3.90 crore fraud by ‘misusing Centre’s PM Mudra Yojana’

The Ludhiana Rural Police booked a bank manager Thursday for the alleged fraud of Rs 3.90 crore executed by misusing Centre’s scheme Pradhan Mantri Mudra Yojana (PMMY).

The scheme provides loans to small businesses without any guarantee.

The case has been registered against Pankaj, a resident of Jind, Haryana on the complaint of Uma Kanta Samal, posted as senior regional manager, Indian Overseas Bank, Civil Lines, Ludhiana.

Samal in his complaint to the police said that Pankaj was earlier posted as manager at the bank’s Baddowal village branch in Ludhiana district.

During an internal audit by the bank, it was found that Pankaj allegedly misused his position. The complaint states that Pankaj allegedly misused the login IDs of his two colleagues – Archana Gupta (assistant manager) and Karamjit Singh (clerk)- to generate 22 fake loans and under PMMY scheme and transferred RS 3.90 crore into his own account. These 22 fake loans were sanctioned without any legal documents, says the FIR. The bank in its complaint has claimed that Pankaj has confessed to the crime.