According to the recent report, it has been observed that the Mumbai police have officially arrested a former chief bank manager in a cheating case. The scam was conducted in the year 2011 and 2014. According to the officials, loans worth Rs 42 crore was assigned from various banks using the name of unsuspecting victims with forged documents. AK Mohanty (55), former chief manager of Vashi bank branch, Navi Mumbai was asked to file retirement in 2016 prior to the case was registered, said an investigator from the economic offences wing.
Later, the FIR was registered in 2017. Mohanty is the fourth arrest in the case. It has been observed that five people were cheated by the accused.
A businessman had filed a complaint with a statement that the accused had asked him to invest in their company. He was asked to submit official documents. Two of the accused, who were connected to this case prepared forged documents to take a business loan. With bogus documents and signatures, they took Rs. 9.5 crore loan.
The other four victims confessed to the police that the accused made them the directors of the new companies they started with the business loans. Several banks sanctioned loans worth Rs. 32.5 crore to start a new company. Mohanty is accused of not following due diligence, overlooking the balance sheets and other documents. The police alleged that he sanctioned loans with irregular formalities. Initially, Mohanty repaid the bank for the loans. The police are investigating the case and finding major elements of this case.