Shocking revelation in ED’s SBI car loan fraud investigation – BMW, Mercedes and Land Rover seized in raids at 12 places in Pune. It is alleged that high-value car loans worth crores were sanctioned on fake documents and huge losses were caused to the bank.
Pune. SBI car loan fraud case has shocked the entire Maharashtra and the banking sector. The ED action in Pune made it clear that this was not a simple fraud but an organized high-value car loan scam. The Directorate of Enforcement (ED), Mumbai Zonal Office, conducted the search operation under the Prevention of Money Laundering Act (PMLA), 2002 on November 25 and 26. In this action, the ED seized luxury cars—BMW, Mercedes, Volvo and Land Rover—which were allegedly purchased from loans taken on the basis of fake documents.
ED discovered many shocking documents and property during the search?
The investigation revealed that between 2017 and 2019, the bank suffered a loss of crores of rupees as part of a very clever and well-planned conspiracy. It is alleged that SBI’s then branch manager Amar Kulkarni, auto loan counselor Aditya Sethia and some borrowers together inflated the actual loan amount, submitted fake quotations, and sanctioned high-value loans without document verification. ED has also seized papers of several immovable properties, suspicious digital records and fake documents during the search.
ED is now investigating the financial trail of all transactions
This whole matter is so serious because the borrowers not only took small loans but also took loans worth crores of rupees and bought expensive cars and caused huge losses to the bank. ED says that this not only strengthens the possibility of bank fraud but also money laundering. Due to this, ED is now busy investigating the financial trail of all transactions.
Was it so easy to take a car loan worth crores through fake documents?
ED investigation revealed that the accused borrowers used to submit fake income proof, inflated car quotations and fake ID proof. Due to this, the loan amount was approved by increasing it many times the actual price.
How did the role of SBI branch manager become suspicious in this fraud?
Amar Kulkarni is accused of recommending loan without checking the documents. Ignoring the bank’s loan policy, funds worth crores of rupees were advanced without verification.
What was found in the ED raid at 12 places in Pune?
Luxury cars, fake agreements, digital files and property records were seized from the offices of car dealers and homes of the borrowers. Many documents have been found as direct evidence of fraud.
From BMW to Land Rover…after all, where and how were these expensive cars purchased?
Investigation revealed that huge loans were taken on the basis of fake documents and these cars were purchased. EMI on these vehicles was never deposited, making the fraud more serious.
Is it just bank fraud or is there a big racket hidden behind the scenes?
ED estimates that this may be part of a larger network. The next phase of investigation focuses on tracking all financial flows (financial trail).