Vijay Nagar police in Indore arrested two men who allegedly orchestrated a sophisticated loan fraud ring by forging salary slips from a reputed company, securing credit worth approximately ₹50 lakh from multiple banks, officials confirmed today.
Phoney Payslips, Real Loans
Police investigations revealed that the accused, Ravi Kumar Pal (32) from Noida and Devendra Singh (30) from Meerut, opened current accounts under the name “Blue Star” after obtaining fake GST and shop licenses. They regularly deposited funds into these accounts to simulate salary credits. Using these doctored salary slips, they secured personal and car loans from HDFC, ICICI, Yes Bank, Axis Bank, IDFC, and Kotak Bank, totalling nearly ₹50 lakh.
In one brazen case, Singh used a fabricated identity “Dev Sharma” to obtain an ₹11 lakh personal loan from IDFC Bank. Meanwhile, Pal convinced an associate, Shailesh Ahirwar, to link his Aadhaar to a mobile number and acquire a fake PAN card, enabling another ₹11 lakh loan under a false identity.
Systemic Vulnerability and Legal Response
The fraudsters took advantage of systemic weaknesses: banks relying on OTPs rather than face-to-face verification. Their scheme highlighted how easily financial institutions can be duped without rigorous identity checks.
The scam unravelled after HDFC detected discrepancies during a routine spot visit and alerted authorities. Police have remanded both suspects for further questioning, and a wider investigation is underway to uncover additional accomplices and fraudulent loans.
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Wider Fallout and Prevention Measures
Authorities warn this case may just be the tip of the iceberg. Similar loan frauds have been uncovered in West Bengal, where forged documents enabled home and personal loans worth ₹50 lakh. Investigators are now reviewing applications at multiple banks for patterns indicating doctored salary slips, ghost companies, or fake KYC.
Banking experts emphasise the need for stricter verification protocols—such as biometric checks, employer validation, and real-time salary confirmation systems—to curb such fraud.