Guwahati, Oct 7 (IANS) : The Criminal Investigation Department (CID) of Assam Police has arrested a Guwahati-based man in connection with an alleged Rs 40 lakh vehicle loan fraud involving multiple branches of Canara Bank, officials said on Wednesday.
The accused, identified as Ramen Saikia alias Jaan Saikia, was arrested from his residence in Guwahati following an investigation into suspected fraudulent procurement of vehicle loans from Canara Bank branches in the greater Guwahati area.
According to a complaint lodged by the Senior Manager of Canara Bank’s Ulubari branch, four vehicle loans of Rs 8 lakh each were sanctioned and disbursed between February and June 2023.
The loans were sanctioned in the names of Juri Mahanta Saikia, Madhuparna Choudhary, Leline Rabha and Samudra Jyoti Kashyap, the complaint stated.
Separately, the bank’s Amingaon branch sanctioned and disbursed another Rs 8 lakh vehicle loan in the name of Jaan Saikia under the MSME Vahan Scheme. The loan was reportedly intended for purchasing a commercial vehicle.
The applications were allegedly supported by vehicle quotations purportedly issued by M/S Ramnarayan Shiprasad, an authorised car dealer in Jorhat. The suspected fraud came to light after the loan accounts subsequently turned into Non-Performing Assets (NPAs).
An internal investigation by the bank’s Administrative Office allegedly detected discrepancies in the documents submitted for the loans.
According to the complaint, Saikia and his associates allegedly used forged vehicle quotations, Registration Certificate (RC) copies, insurance papers and other supporting documents to obtain the loans.
The alleged use of fabricated documents resulted in vehicle loans totalling Rs 40 lakh being sanctioned through different Canara Bank branches, the complaint alleged.
Following the bank’s complaint, the CID took up the investigation and arrested Saikia, son of Dhaneswar Saikia and a resident of Birubari in Guwahati.
The investigation remains underway, with the CID examining the alleged role of other individuals and attempting to establish the full extent of the suspected financial fraud and the network allegedly involved in obtaining the loans.
