In a startling case rooted in deceptive loan practices, six individuals, including an advocate, have been booked by Haridwar police for allegedly pilfering ₹38.58 lakh in a fake loan scam. The fraud centered on SMFG India Home Finance Company Limited, located in Jwalapur, Haridwar, where a fabricated property transaction was used to secure the loan fraudulently. The company’s branch manager, Harshpal Singh, filed the complaint, revealing the meticulously orchestrated deception.
Staged Transaction Unravelled
Investigations show that a piece of land in Baserdi Khadar, Laksar tehsil, originally registered under Sukhpal, was transferred via power of attorney to Machhla Devi. The buyer, posing as Ravi Kashyap, then applied for a loan using this property as collateral, backed by title documents certified by advocate Gyaneshwar Thakral. Based on these falsified credentials, the company disbursed approximately ₹37.29 lakh in May 2025, handing over a cheque made out to Machhla Devi but delivered to Kashyap’s wife.
Later, Machhla Devi purportedly sold the land to Ravi Kashyap in July 2025. But deeper scrutiny revealed the entire deal was staged, exposing glaring lapses in due diligence. Authorities allege that the advocate failed to verify the identities of buyer and seller at the sub-registrar office, flouting protocol. The deception extended further: the property was purportedly sold again to Sethpal Saini, and Saini’s associate Parvinder Saini siphoned off ₹14 lakh from the fraudulent arrangement.
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Legal Action and Ongoing Probe
Promptly responding to the complaint, the Jwalapur police registered a criminal case against Ravi Kashyap, his wife Payal, Machhla Devi, advocate Gyaneshwar Thakral, and other unidentified agents involved. Sub-Registrar and other authorities are now under scrutiny, and a comprehensive investigation is underway to trace the misappropriated funds and unravel the conspiracy. Jwalapur station head Amarjeet Singh confirmed the seriousness of the probe.
This incident underscores the vulnerabilities in loan sanction procedures, with fake property documents and collusion enabling sizable scams. Financial institutions are now being urged to reinforce KYC checks, verify registry details, and demand credible documentation before approving high-value loans. This case serves as a cautionary tale for both lenders and clients highlighting the critical need for vigilance and transparency in real estate-backed financing.
