Bank of Baroda ₹1 Crore Scam: 26 Fake Loan Cases, Manager & 4 Others Arrested, SIT Probe
A ₹1.01 crore loan scam has come to light at the Makhadaji Circle branch of Bank of Baroda in Bhavnagar. In connection with this case, five individuals, including the then-branch manager Shivshankar Jha and credit officer Pradeep Maru, have been arrested.
Fraud Involving Subsidized Loans for Small Industries
The scam involved 26 people who obtained subsidized loans for small-scale industries through the District Industries Centre. They submitted fake bills and bogus quotations to secure loans with the connivance of bank officials. Among the beneficiaries, 26 individuals, including 8 women, collectively defrauded the bank of ₹1,01,35,341.
Bank Audit Reveals the Fraud
After the fraud was detected during the bank’s audit, Bank of Baroda’s Regional Head, Dr. Rajesh Bhakar Shivramsingh Bhakar, filed a complaint against 28 accused at the Ghogha Road police station. Police have arrested two bank employees, along with two agents, Hitesh Galchar and Ramesh Javia, and one customer, Jesingh Rathod.
Special Investigation Team (SIT) Formed
According to SP Harshad Patel, a Special Investigation Team (SIT) has been formed to probe the case. If more bank employees are found to be involved, strict action will be taken against them. The arrested branch manager, Shivshankar Jha, has been admitted to the hospital due to deteriorating health.
