Mumbai News: Kotak Mahindra Bank Files Case Against 10 Employees For Alleged ₹1.02 Crore Loan Fraud

Kotak Mahindra Bank has filed a case against 10 employees for alleged cheating and forgery in a ₹1.02 crore loan processing scheme.

Deepak Mehra (45), a zonal business manager at Kotak Mahindra Bank, filed a case on behalf of the bank at Vakola police station on February 8.

According to the police report, Kotak Mahindra Bank, located in Kalina, Santacruz (East), distributed 246 working capital loans from April 2022 to June 2023. Following the loan disbursement, customers were required to pay the government stamp duty. A customer raised a complaint to the bank that his stamp duty had not been paid. Upon investigation, the bank discovered that some employees had convinced customers that the bank would handle the stamp duty on their behalf, saving them time and energy. These employees instructed customers to send the stamp duty amount to their personal accounts or some fake accounts.

Subsequently, the accused created fake receipts for stamp duty charges, attached them to customers’ documents files, and processed the loans. The bank’s vigilance department discovered that the accused received ₹1.02 crore from 246 customers but had not paid the government stamp duty on their behalf.

Consequently, the bank terminated all 10 employees involved in the scam. Rehan Kasu and Rajesh Udyar were identified as the main accused. The other eight employees were identified as Nikhil Jaiswal, Mangesh Raut, Nitesh Jadhav, Swapnil Kamble, Roshan Ware, Deepesh Dhurye, Prashant Keni and Jigar Desai.

The case was filed under Sections 406 (breach of trust), 409 (breach of trust by public servant), 420 (cheating and dishonesty), 465(forgery), 467(forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document), and 477(A) (falsification of accounts) of the Indian Penal Code.