Bank branch manager booked for over Rs 3cr loan scam

Ludhiana: Police have registered a case against the branch manager of a bank for alleged financial irregularities under the agriculture and Pradhan Mantri Mudra Yojana schemes. The accused has been identified as Pankaj Kumar, who was posted as branch manager at the Baddowal branch of a public sector bank.According to the complaint, Pankaj Kumar allegedly embezzled Rs 3.9 crore by sanctioning 22 fictitious loans under the agriculture and Pradhan Mantri Mudra Yojana schemes. The complaint was filed by Uma Kanta, senior regional manager posted in Ludhiana.Police said the accused allegedly misused the login IDs of assistant manager Archana Gupta and clerk Karmjeet Singh without their knowledge and without any supporting documents. Using these credentials, he allegedly created 22 fake loan accounts in the names of non-existent borrowers and transferred the sanctioned funds out of the bank.The complaint stated that Pankaj Kumar had admitted to irregularities in his statements. A case has been registered at Dakha police station. Police said the accused is a resident of Patel Nagar, Railway Road, Jind, Haryana. An FIR has been lodged against him on charges of cheating, criminal breach of trust and forgery.Police sources said the alleged fraud came to light after an internal inquiry by the bank, following which a complaint was lodged with the police. Further investigation is underway.