A ₹30 crore financial fraud has been uncovered in Pune, where officials from a private finance company allegedly colluded to forge documents and cheat a prominent automobile firm. The alleged crime, currently under investigation by the Pune police, involves misuse of corporate credentials and fraudulent disbursement of vehicle loans.
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Forged Agreements Used to Secure Multi-Crore Loans
The fraudulent activity reportedly took place between January 2023 and June 2023. According to the First Information Report (FIR) filed by the aggrieved auto company’s representative, officials from the finance firm used forged signatures and documents to initiate vehicle loans in the company’s name without consent or knowledge.
Investigations revealed that several fictitious agreements and purchase orders were created in the name of the auto firm. These documents were allegedly used to secure loans from various financial institutions. Once the funds were released, the accused routed the amount through shell entities and unauthorized accounts.
The auto company discovered the fraud during an internal audit when loan repayment notifications started arriving for vehicles that were never purchased or financed by them. The audit also revealed that neither their senior officials nor authorized signatories had executed any such loan agreements.
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The Shivajinagar police have booked four persons, including a senior official from the private finance company, under relevant sections of the Indian Penal Code pertaining to forgery, cheating, and criminal conspiracy.
An official from the investigating team stated that the accused individuals had prior access to the auto firm’s Know Your Customer (KYC) documents and other corporate records due to earlier business relations. They allegedly exploited this access to fabricate documents and process loans in a systematic and organized manner.
Police have now initiated a forensic audit and are working in coordination with banking institutions and digital forensics experts to trace the flow of funds. Investigators are also examining whether internal employees at the auto firm may have inadvertently enabled access to the critical documentation.
No arrests have been made yet, but statements from involved parties are being recorded and digital evidence is being preserved. Authorities believe that the fraud may have been going on undetected for months before the auto firm raised red flags.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.