Jammu: A major financial fraud involving more than ₹68 lakh has come to light at two branches of Jammu & Kashmir Grameen Bank, prompting the Economic Offences Wing to launch a detailed investigation. Preliminary findings indicate that fake loan accounts were allegedly created, loans were sanctioned without the knowledge or consent of account holders, unauthorized transactions were carried out and bank funds were misappropriated.
Fake Loan Accounts Detected
The case surfaced after an internal inquiry by the bank’s Audit, Inspection and Vigilance Department. After the inquiry report and complaints were forwarded to investigators, the EOW conducted preliminary verification and found prima facie evidence of cognizable offences, leading to registration of the case.
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According to investigators, 58 loan accounts under 15 Joint Liability Groups, along with two cash credit limit accounts, were allegedly opened and operated fraudulently at the Kaluchak branch without the knowledge or consent of the concerned account holders. The suspected fraud through these accounts is estimated at around ₹42 lakh.
Funds Allegedly Diverted
The internal probe further found that nearly ₹12 lakh was allegedly diverted to bank accounts maintained in the name of deceased Senior Manager Bhagwan Singh Saini, while the remaining loan amounts were allegedly withdrawn through ATMs.
Investigators are now examining the complete transaction trail and identifying the beneficiaries. The inquiry also found that a daily-wage worker engaged at the branch allegedly admitted to using ₹2 lakh from one JLG loan account for personal purposes.
Surankote Branch Under Probe
In a separate complaint related to the Surankote branch, Branch Head Rohit Kumar and other suspected individuals have been accused of carrying out unauthorized debit transactions amounting to around ₹7.37 lakh.
They are also alleged to have fraudulently sanctioned and withdrawn nearly ₹19 lakh through five fake loan accounts opened without the borrowers’ knowledge or consent. Investigators suspect these accounts were later shown as settled or closed to reconcile the branch’s cash position.
Wider Network Being Examined
The Economic Offences Wing has registered a case against Rohit Kumar and other suspected persons and launched a comprehensive investigation. Bank records, digital transactions, ATM withdrawals, documents and fund movement are being examined to determine the role of all individuals involved.
Investigators said the involvement of additional persons cannot be ruled out. The probe is continuing, with authorities examining suspicious transactions, related documents and linked bank accounts.
