2 hrs ago
EOW Alleges ₹10 Lakh MSME Loan Fraud in Bhopal
The Economic Offences Wing, or EOW, is investigating suspected loan fraud in Bhopal.
A businessman discovered that a ₹10 lakh MSME loan had been approved in his name.
He said he did not receive the loan money or the machinery it was supposed to buy.
Investigators allege that forged documents were used to obtain the loan.
They say ₹8.85 lakh was moved between several accounts and shared among people involved.
The loan was allegedly approved in only a few hours without checking the business or supplier properly.
Investigators found three other loans with similar problems.
The named loans later became unpaid bank loans, called Non-Performing Assets.
The Economic Offences Wing registered a case against bank officials, loan facilitators, and machinery suppliers over alleged MSME loan fraud.
A businessman said a ₹10 lakh loan was sanctioned in his name without his knowledge, but he received neither the money nor machinery.
Investigators allege forged documents were used and ₹8.85 lakh was withdrawn and distributed among people involved.
The loan was reportedly processed in three to four hours without a site inspection or proper verification of the machinery supplier.
The investigation found similar allegations involving three other loans, with the loans later becoming Non-Performing Assets.
- Who
- The Economic Offences Wing filed a case against Branch Manager Rahul Bhosale, Financial Advisor Rajiv Rajput, and representatives of Vishal Enterprises and Global Marketers; the complainant’s deceased maternal uncle was also allegedly involved.
- What
- An alleged scheme involving forged documents, unauthorized MSME loans, undelivered machinery, and diversion of loan funds.
- Where
- A bank branch in M.P. Nagar, Bhopal, Madhya Pradesh.
- When
- The main loan was processed on March 21, 2024; related loans were allegedly sanctioned in March 2024, including one on March 14.
- Why
- The alleged loans were obtained and funds diverted through machinery-purchase transactions without proper verification or delivery of machinery.
Key facts
- Investigating agency
- Economic Offences Wing (EOW)
- Main loan amount
- ₹10 lakh
- Alleged amount withdrawn
- ₹8.85 lakh
- Loan processing time
- Approximately three to four hours
- People named in the case
- Rahul Bhosale, Rajiv Rajput, Naima Ali, Qamar Ali, and Umar Ali
- Legal provisions
- Sections 420 and 120-B of the Indian Penal Code
- Other loans identified
- Three additional loans with similar alleged irregularities
Sources
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