A senior Canara Bank manager in Bengaluru is on the run after allegedly cheating 21 customers of over ₹3 crore by taking loans in their names. The fraud surfaced during an internal audit, prompting a police investigation.
Trust in nationalised banks is often considered unquestionable. However, a shocking case from Malleshwaram in Bengaluru has raised serious concerns after a senior bank official allegedly betrayed that trust by orchestrating a massive fraud amounting to ₹3 crore. The incident has left several customers distressed and has once again highlighted vulnerabilities within the banking system.
Senior Manager Betrays Customer Trust
The accused, Raghu, who was serving as a Senior Manager at the Canara Bank branch in Malleshwaram, is alleged to be the mastermind behind the fraud. According to preliminary information, he availed loans totalling more than ₹3 crore in the names of around 21 customers and subsequently went absconding.
How the Fraud Was Planned?
Police sources said Raghu systematically gained the confidence of customers by portraying himself as being in severe personal and financial distress. He reportedly told them that he was facing family problems and sought their help in securing loans in their names.
To further convince them, he claimed that he possessed gold and intended to obtain loans by pledging it. However, he allegedly told customers that since he worked at the same bank, there were “technical difficulties” in availing a loan in his own name, and requested them to apply instead.
Trusting his words and respecting his position as a senior bank official, the customers provided their signatures. Investigators said Raghu then misused his authority to disburse loans using only those signatures, without pledging any gold, and siphoned off the money.
According to police, he would plead with customers, saying, “I am facing a lot of hardship at home and have family problems. Please help me by taking a loan in your name.”
He would further assure them by saying, “I have gold and will pledge it, but since this is my own bank, there are technical issues in taking a loan in my name.”
Fraud Detected During Audit
The fraud came to light when loan instalments were not repaid and irregularities surfaced during an internal audit of the bank. As scrutiny intensified and the likelihood of exposure increased, Raghu allegedly fled, leaving the affected customers in financial distress.
Case Registered, Manhunt Launched
A complaint has been lodged at the Malleshwaram police station, following which a case has been registered. Police have launched a search operation to trace the absconding manager and recover the misappropriated funds.
The incident has sparked public debate over accountability within banks and raised troubling questions about whom customers can trust when officials entrusted with safeguarding deposits allegedly misuse their power.