Gujarat CID Arrests Broker for Rs 64 Crore Bank Fraud in Ahmedabad
The Fraud Investigation Cell of CID Crime in Gandhinagar has made a significant arrest in a high-value financial fraud case. A 52-year-old broker, identified as Manoj Chaudhary, has been taken into custody for allegedly cheating Mehsana Urban Co-operative Bank Ltd of a staggering Rs 64.04 crore.
Details of the Alleged Fraud Scheme
According to officials, the accused and his co-conspirators are suspected of orchestrating a sophisticated scam between 2016 and 2023. They allegedly secured development and business loans from the bank by submitting forged valuation reports and construction certificates as genuine documents. The funds, intended for specific projects, were reportedly diverted for personal use instead, leading to a massive financial loss for the bank.
The fraud came to light after the bank detected irregularities in loan documents and repayment records, prompting them to file a formal complaint with CID Crime, Gandhinagar. The case involves serious charges including criminal conspiracy, cheating, breach of trust, and financial misappropriation.
Arrest and Legal Proceedings
Following a discreet investigation, Manoj Chaudhary was detained in Gandhidham. He was subsequently produced before a court, which remanded him to judicial custody in accordance with standard legal procedures. This arrest marks a crucial step in the ongoing probe into the multi-crore fraud.
The case underscores the challenges faced by financial institutions in preventing such elaborate scams and highlights the role of investigative agencies in tackling white-collar crime. Authorities continue to investigate the full extent of the fraud and any potential involvement of other individuals.
