Raipur: A major loan fraud case has surfaced in Raipur, where accused individuals allegedly misused another person’s identity documents to secure loans worth ₹27.5 lakh. The police have arrested the main accused in the case, while one of his associates remains on the run. Initial investigation suggests that the accused had executed similar frauds in the past as well.
According to details, the victim, Krishna Rao, who works as a food delivery agent, came into contact with the accused Horilal Pankaj. Presenting himself as a loan facilitator, Horilal promised to arrange a bank loan through an easy process. Trusting him, the victim agreed and later handed over his essential documents.
Fraud Engineered Under the Pretext of Loan Assistance
As per the complaint, the accused called the victim to his office, where he was introduced to another associate, Jitesh Chandrakar. The duo allegedly collected ₹5,000 from the victim in the name of processing fees. They then took possession of crucial documents, including Aadhaar card, PAN card, bank passbook, and cheque book.
Using these documents, the accused allegedly secured loans from multiple banks in the victim’s name, amounting to around ₹27.5 lakh. Investigators revealed that the funds were used to finance consumer goods such as mobile phones, air conditioners, and even a car—without the victim’s knowledge.
FCRF Returns With CDPO, Its Premier Data Protection Certification for Privacy Professionals
Fraud Exposed Through Bank Notices
The scam came to light when the victim began receiving EMI repayment notices from various banks. Initially confused, he later verified the claims and discovered that multiple loans had been issued in his name.
Following this, the victim filed a complaint at a local police station, prompting an investigation into the matter. Acting on the complaint, police arrested the main accused, Horilal Pankaj, while efforts are ongoing to trace the absconding co-accused Jitesh Chandrakar.
A Well-Planned Modus Operandi
Investigations indicate that the accused used a calculated approach to trap victims. They targeted individuals in need of financial assistance, gained their trust by offering quick loans, and then misused their personal documents.
Officials believe that this may not be an isolated incident. The accused is suspected to have duped multiple individuals using similar tactics. Records indicate that cases have previously been registered against him in other districts, and he had been arrested earlier as well. After securing bail, he allegedly resumed fraudulent activities.
Search On for Absconding Accused
Police teams are conducting raids to locate the second accused, Jitesh Chandrakar. Authorities are also examining whether a larger network is involved in facilitating such frauds.
Sources suggest that the operation may have been part of an organized setup, where different individuals played specific roles—some sourced documents, others handled banking procedures, and a few managed the purchase or disposal of financed goods.
Experts Warn Against Sharing Documents
Financial crime experts warn that sharing identity documents with unknown agents can lead to severe consequences. In many such frauds, victims unknowingly become liable for loans they never took.
Experts advise individuals to approach only authorized banks or verified financial institutions for loans. It is also essential to understand the purpose and usage of any document before sharing it with a third party.
