Kondagaon Police have uncovered an alleged inter-district financial fraud in which at least 43 teachers were reportedly cheated of ₹10–12 crore through a network that promised quick personal loans and high financial returns. Following a nearly three-month technical and financial investigation, police arrested five accused from Ambikapur, Jashpur and Sarangarh.

Investigators believe the fraud may have affected more victims than those identified so far, and the probe has now been expanded to trace additional suspects and possible accomplices.

43 Cases Confirmed, More Victims Suspected

According to police, 43 teachers have so far been identified as victims of the alleged scam. However, some teachers have claimed that many others have not approached authorities due to concerns over social stigma and reputational damage.

While police have officially confirmed fraud involving 43 complainants, local estimates suggest that 150 to 200 teachers across the district may have fallen prey to the scheme. These claims are yet to be independently verified.

How the Alleged Fraud Worked

Investigators said the accused approached teachers with promises of arranging multiple personal loans from different banks within a short period.

After securing loan approvals, the victims allegedly received only 40% of the sanctioned amount, while the remaining 60% was transferred into bank accounts controlled by the accused and their associates.

To gain the teachers' confidence, the accused allegedly assured them that the entire loan liability, including instalments and housing-related benefits, would be settled within two to three years. Believing these assurances, the victims signed loan-related documents.

Police said the accused later disappeared with the money, leaving the teachers responsible for repaying the full loan amount and monthly EMIs.

Fake Documents and Identity Manipulation

The investigation also revealed the alleged use of forged identity documents.

According to police, fake Aadhaar cards and other fabricated records were prepared in several cases. Investigators allege that victims' residential addresses were altered on official documents, enabling the accused to obtain loans from multiple banks using manipulated records.

Authorities are examining whether additional forged documents were used to facilitate the fraud.

Complaints Triggered Investigation

The case came to light after several teachers approached police with complaints of financial fraud.

Farasgaon resident Sanjay Kodopi alleged that he and his associates were cheated of nearly ₹2 crore on the pretext of securing personal loans.

Similarly, Anant Kumar Nirmalkar from Bade Dongar reported an alleged fraud of around ₹4 crore. Teachers including Devendra Kishore Khawas, Yogeshwar Baidya and others from the Keshkal area also filed complaints regarding similar transactions.

Based on these complaints, police registered four criminal cases at the Farasgaon and Keshkal police stations and launched a detailed investigation.

Five Arrested After Three-Month Probe

Under the supervision of Superintendent of Police Pankaj Chandra (IPS) and Additional SP Kapil Chandra, a special investigation team analysed bank records, mobile phone data, digital transactions and financial documents over three months.

The investigation resulted in the arrest of:

• Shivshankar Das (Ambikapur)

• Dilip Kumar Soni (Ambikapur)

• Virendra Tirkey (Jashpur)

• Shyamsundar Jangde (Sarangarh)

• Anshuman Singh (Ambikapur)

Police have seized mobile phones, laptops, desktop computers, bank passbooks, cheque books, ATM cards, diaries, registers and other financial documents from the accused. These materials are being examined as part of the ongoing investigation.

Banking System Loophole Under Examination

Investigators also found that the accused allegedly exploited delays in the banking system's credit reporting mechanism.

Officials said that loans obtained from one bank often take several days to appear in the central credit database. During this gap, the accused allegedly secured multiple loans from different banks in the names of the same individuals before previous borrowings were reflected in the system.

Financial experts say stronger real-time coordination among banks and faster verification of borrowers' credit records could help prevent such frauds in the future.

Investigation Continues

Police said questioning of the arrested accused is continuing and the investigation has now widened to examine the possible involvement of bank agents, intermediaries and other members of the alleged network.

Authorities suspect that the group may have carried out similar operations in other districts of Chhattisgarh, and further arrests are not being ruled out.