LUCKNOW: Uttar Pradesh Special Task Force (STF) on Saturday arrested a senior bank official for his alleged involvement in a large-scale loan scam executed under the Pradhan Mantri Mudra Yojana using forged documents and fake identities. Nitin Chaudhary (39), a former branch manager of Union Bank of India, was currently posted as Credit Manager at the bank’s Basant Vihar branch in Delhi.He was arrested from Basant Vihar branch premises by a joint team of STF and Cyber Crime Police Station, Lucknow.The case surfaced following a complaint lodged by Raj Bahadur Gurung, a resident of Lucknow, at the STF headquarters. Gurung stated that he had approached an intermediary for securing a business loan and had signed certain bank documents. However, he was later informed that his loan application had been rejected.Shockingly, nearly five to six months later, he began receiving messages regarding pending EMI payments. Upon checking his credit report, he discovered that two loans had already been sanctioned in his name without his knowledge or consent. This prompted him to approach authorities, triggering a detailed investigation.Acting on the complaint, STF launched an intensive probe under the supervision of senior officers. Technical surveillance and intelligence gathering exposed a well-organised interstate racket involving bank officials, middlemen, and document forgers.Investigations revealed that the syndicate fraudulently processed loans in the names of unsuspecting individuals by manipulating identity documents such as Aadhaar and PAN cards. Photographs on these IDs were digitally altered and replaced with images of gang members, while forged signatures were used to complete the paperwork.The STF found that more than 100 individuals and entities had been targeted, with loans worth several crores sanctioned fraudulently across multiple banks.Earlier in the case, on September 13, 2025, STF had arrested four accused, including another Union Bank branch manager, Gaurav Kumar, and registered a case at Cyber Crime Police Station, Lucknow.Subsequent interrogation and analysis of seized documents led investigators to identify Aamir Ahsan as the mastermind of the operation. He was arrested on February 15, 2026.Nitin Chaudhary, who had been absconding, was identified as a key conspirator and was finally tracked down and arrested from Delhi.Additional SP, STF, Vishal Vikram Singh, said that during sustained interrogation, Chaudhary disclosed crucial details about the functioning of the fraud network. He revealed that he had come into contact with co-accused Naveed, a vendor associated with the bank’s regional office, during his posting in Lucknow. Their acquaintance soon turned into a criminal partnership aimed at earning money through fraudulent loan approvals.“The gang devised a systematic plan to exploit loopholes in the Mudra loan scheme. Fake firms were created to generate quotations required for loan approvals. These shell companies—controlled by Naveed and Aamir—served as the beneficiaries where loan amounts were transferred,” said ASP Singh.Chaudhary admitted to personally sanctioning multiple fraudulent loans, including Rs 9 lakh loan in the name of Vishnu Kumar Pandey for purchase of a generator, Rs 15 lakh vehicle loan in the same name using forged quotations, Rs 10 lakh loan in the name of Mahendra Pandey for printing machinery, Rs 10 lakh loan in the name of Chandrika Prasad, Rs 9 lakh loan in the name of Amit Kumar Tiwari.All funds were routed to accounts of fake firms such as “Lucknow Commercial Motors” and others created by the gang. The amount was subsequently withdrawn and distributed among the conspirators.He further admitted that he had introduced co-accused Naveed to Gaurav Kumar, another bank manager at the Jankipuram branch, who also sanctioned dozens of fraudulent loans in exchange for commission.The accused was produced before the Patiala House Court in Delhi, from where transit remand was obtained. He has since been brought to Lucknow for further interrogation.Officials said that forensic examination of seized electronic devices is being conducted to uncover digital evidence and financial trails.The STF believes more members of the syndicate are still at large, and efforts are ongoing to identify and arrest them. Investigators are probing the possible involvement of additional bank officials and the magnitude of the scam across other financial institutions.
