A ₹2.78 crore fraud involving Mudra loans at Bank of India’s Barouli Malik branch in Barabanki has now come under CBI scrutiny. The Lucknow Anti-Corruption Branch registered an FIR on Tuesday and launched a full-fledged investigation. During the probe, raids were conducted at four locations in Lucknow and one in Mainpuri, where crucial evidence was seized.
The FIR names the then branch manager Aman Verma, field officer Shailendra Pratap Pankaj, and other unidentified individuals. The case surfaced following an order from the Lucknow bench of the Allahabad High Court. In 2022-23, Aman Verma had approved Mudra loans for 41 people, but the funds were later transferred to unauthorized accounts, causing substantial financial loss to the bank.
The investigation also revealed that middleman Suresh Rawat would bring people to open accounts and, with the collusion of bank staff, facilitate loans in their names. The scheme exploited the provision that loans up to ₹10 lakh did not require collateral, enabling the fraudulent transfers.
When the loan amounts were not repaid, multiple FIRs were lodged by victims at the Zaidpur police station in Barabanki. A victim named Salman approached the High Court, alleging that bank staff had fraudulently obtained his signature to process a ₹9.10 lakh Mudra loan. Despite lodging a police complaint, no action was initially taken.
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The CBI is now examining how the branch manager and staff allegedly colluded to mislead account holders and channel loan amounts to unauthorized accounts. Officials say substantial evidence of financial fraud has been uncovered, and the accused are expected to face trial soon.
Investigators noted that given the seriousness of the case, documents, account records, and digital evidence were seized during raids in Lucknow and Mainpuri. These pieces of evidence are likely to play a decisive role in upcoming hearings.
Officials confirmed that after completing the investigation, the CBI will file charges in court and ensure strict action against the guilty. The case underscores the growing importance of security and monitoring systems in the banking sector.
The CBI has also started analyzing the financial activities of the former branch manager and involved staff. The probe seeks to determine how collusion between middlemen and employees led to wrongful transfers of loan funds and the total number of people affected.
This scam has exposed gaps in banking security in Barabanki. Experts note that such frauds not only cause financial losses to banks but also erode public trust in the banking system.
A senior investigating officer said, “This case highlights the complexity of banking fraud and its potential severity. Prompt action and gathering concrete evidence are the most reliable ways to bring perpetrators to justice.”
Following this incident, authorities at both local and state levels are reviewing banking processes and monitoring mechanisms to prevent future fraud.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
