ED Uncovers ₹100 Crore Assets in ₹153 Crore Bank Fraud Case

Exploiting Farmers’ Identities for Fake Loans

The scam revolves around a fraudulent scheme in which accused individuals collected Aadhaar and other identity documents from farmers under the pretext of helping them access compensation. Instead, those documents were used to open fake loan accounts in the farmers’ names in multiple branches of Corporation Bank (now merged with Union Bank). Around 212 such accounts were opened, each sanctioned for ₹49 to ₹50 lakh. The funds were siphoned off, turning the accounts into nonperforming assets and inflicting massive losses on the bank and the farmers.

Raids, Seizure and Investigation

The ED conducted simultaneous raids in Nagpur, Bhandara, Maharashtra and Guntur in Andhra Pradesh, uncovering property documents, digital devices, frozen bank balances, insurance policies, and more. The attached properties include lands, buildings, and holdings registered in the names of the accused or their associates. The cash seizure of ₹10 lakh was made during on-site searches.

The accused include Ramana Rao Bolla and Nutan Singh, who allegedly conspired with bank officials. In several cases, bank staff aided creation of fraudulent accounts by bypassing standard checks. The ED has filed a prosecution complaint before a special PMLA court in Kolkata and arrested the main accused.

Implications and Next Steps

This case highlights serious vulnerabilities in lending systems, especially in rural and agricultural sectors. By turning farmers’ documents into instruments of fraud, the perpetrators exploited trust and regulatory gaps. The ED’s seizure of high-value assets sends a strong message that ill-gotten gains will be targeted. As investigations continue, authorities aim to trace remaining assets, recover funds, and hold all parties — including complicit bank staff — accountable.