Raebareli: In a major breakthrough, police have arrested five individuals in connection with a ₹9 crore loan fraud involving the main branch of Bank of Baroda. The case exposes a well-organized network that allegedly secured loans using forged documents. So far, investigators have identified a total of 53 accused, including suspected involvement of bank employees.
Multi-District Racket, 53 Accused Identified
The arrested individuals have been identified as Rajesh Singh, Bablu Rathore, Kamini Rathore, Gopal Singh, and Radhika Devi. Among them are two women. All the accused are residents of different districts, including Unnao, Sitapur, and Lucknow. They have been sent to judicial custody following their arrest.
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According to investigators, the accused systematically prepared fake salary certificates and forged supporting documents to obtain loans from the bank. These documents falsely projected the applicants as salaried individuals with stable income and repayment capacity. Based on these fabricated credentials, substantial loan amounts were sanctioned, causing losses worth crores to the bank.
Bank Staff Role Under Investigation
Officials stated that the involvement of certain bank has also come to light during the investigation. Without internal assistance, such a large number of fraudulent loan approvals would have been difficult to execute. The role of bank staff is currently under detailed scrutiny, and further action is likely as the probe progresses.
The fraud came to light after the bank’s chief manager filed a complaint on December 29, 2025, at the Sadar police station, naming 48 applicants. Following the complaint, a special investigation team was formed to probe the thoroughly.
Fake Documents Used to Secure Bank Loans
During the investigation, it was revealed that the accused operated as a coordinated network across multiple districts. They first created fake identities and documents, then applied for loans through the bank. Once the loans were approved, the funds were withdrawn and distributed among the members of the group. Authorities suspect that part of the may have been diverted into other illegal activities.
Police officials said that interrogation of the arrested accused has yielded several crucial leads, which are being used to track down the remaining suspects. Out of the 53 identified individuals, most are still absconding. Multiple teams have been deployed to apprehend them.
Experts Flag Loopholes in Banking System
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh commented on the case, saying,
“Financial crimes today are no longer limited to cyberspace; they are increasingly a hybrid of offline and online methods. Using forged documents to secure loans and then routing the money across multiple accounts is a clear sign of an organized economic offence.”
He further noted that such operations often involve the use of “mule accounts” and fake identities, making it difficult to trace the real masterminds behind the fraud. “Banks must strengthen their KYC and background verification systems to prevent such incidents,” he added.
Police are continuing their efforts to dismantle the entire network. Officials have indicated that more arrests are likely in the coming days as the investigation unfolds. Authorities are confident that the full extent of the conspiracy behind this major loan fraud will soon be uncovered.
