Ahmedabad: Satellite police on Monday registered a case against a former employee of a non-banking financial company (NBFC) for allegedly misappropriating more than Rs 14.7 lakh collected from customers as loan processing fees, subsidy payments and loan closure amounts during his tenure at the company.
According to the complaint filed by a senior legal executive of the Ahmedabad-based company, the accused was employed as a relationship manager and was responsible for sourcing customers, collecting documents and assisting borrowers availing solar scheme loans.
The fraud came to light after several customers approached the company seeking payment receipts and loan account statements. An internal inquiry allegedly revealed that amounts paid by customers had not been credited to the company’s accounts.
Investigators found that the employee allegedly persuaded borrowers to transfer money directly to his personal bank account, claiming that technical issues were preventing payments through the company’s official payment links. Customers were assured that the amounts would subsequently be deposited with the company and that receipts and no-objection certificates (NOCs) would be issued.
The company alleged that the employee collected processing fees from 98 customers, subsidy amounts from 11 borrowers who wanted govt subsidy credited towards their loan accounts, and loan closure payments from three customers. He also allegedly accepted advance payments from two prospective borrowers for faster loan processing.
The complaint further states that one borrower received a forged loan-closure NOC through email despite the company never issuing such a certificate. An internal examination reportedly found that the document had been fabricated using the company’s format and sent to the customer to create an impression that the loan had been settled.
Company officials alleged that the employee later admitted to not depositing the collected amounts and partially repaid Rs 2.2 lakh in instalments. However, the remaining Rs 14.7 lakh was not returned, following which he stopped reporting for work.
Satellite police have registered a case of criminal breach of trust, cheating and forgery, and launched an investigation.
