Lucknow. An alleged financial irregularity involving a ₹10.45 crore bank loan obtained in the name of a healthcare company has come to light in the city. The allegation is that fake quotations were used to facilitate payments worth crores of rupees in the name of purchasing hospital and medical equipment. The complainant claims that equipment worth around ₹12 crore was shown as purchased, while a subsequent assessment reportedly valued the equipment at only about ₹76 lakh. The complainant has now sought the transfer of the investigation to another officer, alleging that no accused has been arrested despite the registration of an FIR nearly a year ago.
The case relates to Shri Ram Janaki Healthcare Private Limited. According to complainant Vidyut Kumar Jain, an agreement was reached with the company in December 2022 under which a hospital was to be established in his building. Jain was to hold a 36% stake in the company. He claims that following the agreement, he deposited around ₹1.30 crore into the company’s bank account.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
Subsequently, the company obtained a ₹10.45 crore loan from the Hazaratganj branch of Indian Bank. Jain has alleged irregularities in the sanctioning of the loan, release of funds and payments made for the purchase of hospital equipment. He claims that quotations were allegedly used for equipment purchases that resulted in payments several times higher than the actual value of the equipment.
According to Jain, documents showed that hospital and medical equipment worth around ₹12 crore had been purchased. However, when the value of the equipment was subsequently assessed, it was estimated at only around ₹76 lakh. If established during the investigation, the allegations could raise questions over the purchase process and the utilisation of the loan amount released by the bank.
The complainant has also raised suspicion over the alleged involvement of certain bank officials in the loan process. He has sought a detailed examination of the entire process, from loan sanction and release of funds to payments made for the purchase of equipment. However, the alleged role of bank officials and the other allegations will have to be established through the ongoing investigation.
The complainant subsequently approached the court in the matter. Following the court’s order, an FIR was registered at Vikas Nagar police station on July 14, 2025, under relevant sections. Jain has now written to the Joint Commissioner of Police (Law and Order), claiming that nearly a year has passed since registration of the FIR but no accused has been arrested.
Jain has requested that the ongoing investigation be transferred to another officer to ensure an impartial and effective probe. He has sought scrutiny of the complete loan process, the money deposited into the company’s accounts, the ₹10.45 crore released by the bank and the payments allegedly made for purchasing equipment.
The investigation will also have to establish which companies or suppliers were shown as providing the equipment allegedly valued at ₹12 crore, into whose accounts the payments were made and how much equipment was actually purchased. Investigators may also examine the basis on which the equipment was assessed at around ₹76 lakh and the documents supporting that valuation.
The allegations have not yet been independently established and will be subject to police investigation. Investigators now face the task of examining the entire process, from sanction of the loan and release of funds to the utilisation of the money and purchase of medical equipment. Further action will depend on the evidence, documents and facts that emerge during the investigation.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
