Loan Scheme Scandal: Manager Arrested for Embezzling Crores
A general manager at a private loan company has been arrested for embezzling Rs 11.25 crore. Satish Chandra, in collaboration with others, issued fake NOCs, illegally closing loans for lower amounts. A complaint led to his arrest by Gurugram police, with further investigation ongoing.
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- India
A general manager of a private loan company was apprehended over allegations of embezzling Rs 11.25 crore, confirmed the police on Saturday.
The accused, Satish Chandra, collaborated with other company officials to misappropriate funds by deceitfully accepting smaller amounts under the guise of loan repayment, issuing fraudulent NOCs, and depositing none of it into company accounts, as revealed by police investigation. This illicit activity came to light following an anonymous complaint on June 18, pointing to the illegal issuance of fake NOCs and loan closures for lower amounts.
An FIR led to Chandra's arrest in Gurugram, with police disclosing that 588 customers were deceived and a larger probe is currently in motion.
(With inputs from agencies.)
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