Seven people detained in a Railways Loan Scam in India – Aided by an Official. Fake documents are part of the scam
The Latasil Police recently made a major breakthrough filing seven arrests in relation to the Indian Railway Loan Scam that has surfaced in the city of Guwahati. The scam, which is currently under investigation by city police, involves fraud worth an alarming Rs 10 crore.
In an alleged education scheme, fake bank accounts were set up using the details of railway employees with the supposed involvement of institutions such as State Bank of India (SBI) and Punjab National Bank (PNB). The investigation suggests that senior Northeast Frontier Railway (NFR) officials may have been involved in this illegal operation.
The fraudsters meticulously converted genuine salary accounts into loan accounts and changed bank account data in the railway system. They then used this manipulation to channel large sums labelled as loans.
To deepen their scheme, they created fraudulent stamps and documents supposedly belonging to railway staff, which included data entry operators and middlemen within the railway department and the wider network of brokers.
Among those arrested is Phanindra Kumar, an accounts department employee from the NFR in Guwahati, along with Ramzan Ali, Manoj Basfor, Ajit Basfor, and Biraj Das. Reports suggest that approximately 200 fraudulent loan application forms were seized in the operation.
In a recent development, city police apprehended two additional suspects from Rangiya, who are thought to be part of the forgery ring creating fake stamps and documents.
As the examination into the scam continues, the city police are striving to expose the complex network behind these fraudulent actions and ensure that those affected by the railway loan scam are rewarded their due justice.
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Frequently Asked Questions
What is the Indian Railway Loan Scam about?
The massive financial fraud, known as the Indian Railway Loan Scam, involved the creation of counterfeit bank accounts under the names of railway employees at institutions like the State Bank of India and Punjab National Bank. The fraudsters converted legitimate salary accounts of these employees into loan accounts and then altered banking details in the railway system to siphon off massive sums of money under the pretense of loans. The scam is believed to have embezzled around Rs 10 crore.
Who are involved in the scam and has anyone been apprehended?
It’s startling to know that allegedly, some high-ranking officials from the Northeast Frontier Railway were involved in this major financial fraud. Besides, Phanindra Kumar, an employee of NFR’s accounts department is one of the main accused. Other individuals, Ramzan Ali, Manoj Basfor, Ajit Basfor, and Biraj Das were also detained. Two more suspects from Rangiya were arrested who supposedly partook in creating fake stamps and other fraudulent documents.
What measures are being taken by the city police in the wake of this incident?
In the aftermath of the scam, the city police arrested seven individuals connected to it and confiscated around 200 fraudulent loan application forms. The city police are continuously investigating the case in an attempt to dismantle the sophisticated network behind the scam and guarantee justice for the victims of the Railway Loan Scam.
