Bank detects Rs 4.5 crore loan fraud, forged papers used to secure sanctions

ICICI Bank’s internal investigation uncovered a loan fraud involving Rs 4.5 crore in personal loans.

Fake no-dues certificates (NDCs) were used to secure loan approvals after initial rejections due to FOIR norms.

The forged NDCs were sourced via email IDs linked to connectors of Pro Fincare and FinWizz Financial Services, ICICI Bank’s direct marketing associates.

Transactions linked to Rajesh Dharmalingam showed 12 customers transferred money to his ICICI account after loan disbursement, and one customer, Palani Shankar, allegedly admitted paying a commission.

The probe found 61 fake loan closure certificates, with 22 loan applications routed through Pro Fincare and six through FinWizz.