A CBI court in Jaipur has sentenced a former bank official to seven years of imprisonment in a loan fraud case involving ₹83.69 lakh, after finding him guilty of financial irregularities.

A Special CBI Court in Jaipur has sentenced a former bank official to seven years of imprisonment in connection with a ₹83.69 lakh loan fraud case.

The court convicted the former bank official after finding him guilty in the loan fraud matter, according to the Central Bureau of Investigation-related update. 

The case involved allegations of fraudulent processing and sanctioning of loans, causing financial loss to the bank. The investigation was conducted by the CBI, which presented evidence before the court during the trial.

Court awards seven-year sentence

The CBI court awarded the accused seven years of imprisonment after the completion of judicial proceedings.

The conviction adds to a series of cases where courts have taken action against bank officials accused of misusing their positions in loan-related irregularities. 

Action against banking fraud

Bank fraud cases involving officials often involve allegations of bypassing established procedures, improper verification and irregular loan approvals.

The CBI has continued investigations and prosecutions in cases involving financial misconduct by banking personnel to safeguard public money and maintain accountability in financial institutions. 

The Jaipur court’s verdict reinforces the legal consequences for officials found guilty of facilitating fraudulent transactions.

A 32-year-old entrepreneur who aspired to establish a chain of premium gyms across India allegedly died by suicide in Gwalior after claiming he was cheated of ₹23 lakh on the promise of securing a multi-crore business loan. The deceased, identified as Jaspal Singh Yadav, left behind a detailed suicide note naming three individuals and appealing to Union Minister Jyotiraditya Scindia to ensure justice for his family.

Jaspal's mutilated body was found on railway tracks under the Jhansi Road police station limits on Sunday night. Police later identified him and recovered a suicide note, which has now become the focus of the investigation.

Dream of Expanding Fitness Business

According to family members, Jaspal had been planning to build a nationwide chain of high-end fitness centres and was looking for financial support to expand his business. In February 2025, he allegedly came into contact with a man identified as Ravi Kumar, who assured him that a loan of ₹3.45 crore could be arranged through Piramal Bank.

The proposal reportedly appeared credible after Jaspal was allegedly shown what he believed to be an official loan sanction letter. Trusting the assurances, he is said to have paid ₹23 lakh over time towards processing charges and other expenses related to the promised loan.

Loan Never Materialised

Despite repeated assurances, the promised loan was never disbursed. Jaspal's family alleged that the accused continued to delay the process for nearly one and a half years while giving fresh explanations each time they were contacted.

His brother, Chhatrapal Singh Yadav, said the prolonged uncertainty and mounting financial liabilities left Jaspal under severe mental stress. According to the family, neither the loan was sanctioned nor was the money returned.

Suicide Note Names Three Individuals

In the suicide note recovered by police, Jaspal alleged that Ravi Kumar, Ashish Gupta and Ravi Jatav had deceived him by showing a fake loan sanction document and collecting money under false pretences.

He further claimed that Ravi Kumar had remained out of reach for a long period and that some of his relatives had allegedly helped him evade contact.

The note also alleged that similar fraud may have been committed against other people, urging authorities to investigate the matter thoroughly.

Financial Burden Became Unbearable

Jaspal wrote that arranging ₹23 lakh had forced him to mortgage several personal assets, including his Bullet motorcycle, gold jewellery, a Safari vehicle and another car. He also claimed to have borrowed money at an interest rate of around 20 per cent.

According to the note, the accumulated debt, including interest, had risen to nearly ₹35 lakh, making it impossible for him to recover financially.

Family members believe the financial burden and repeated delays pushed him into extreme distress.

Appeal to Jyotiraditya Scindia

In an emotional message addressed to Union Minister Jyotiraditya Scindia, Jaspal requested strict legal action against those he held responsible for his death.

He appealed for the accused to receive life imprisonment and requested that the money allegedly lost in the transaction be recovered and returned to his father.

The family said Jaspal admired Scindia after the minister honoured his brother, national-level crossbow player Chhatrapal Singh Yadav, following a gold medal victory in 2019. Since then, Jaspal had remained a supporter of the senior BJP leader.

Police Begin Investigation

Police have seized the suicide note and launched an investigation based on the names, mobile numbers and addresses mentioned in it.

Officials said statements of family members are being recorded and the allegations contained in the note are being verified. Authorities have clarified that further legal action will depend on the evidence collected during the investigation.

The case is being probed from multiple angles, including the alleged loan fraud and the circumstances that led to Jaspal's death. Police have appealed to the public not to draw conclusions until the investigation is completed.

 The Central Bureau of Investigation (CBI) has registered an FIR in an alleged ₹11.38 crore bank loan fraud following a complaint by Union Bank of India against Dhamtari Kpex Private Limited, its directors, guarantor, unidentified bank officials and other unknown persons.

The case came to light after central agencies conducted searches at a residence on Gaurav Path in Baloda Bazar from Saturday evening to Sunday evening. While the operation was initially believed to be an Enforcement Directorate (ED) raid, the FIR confirms that the action was carried out by the CBI, with the Income Tax Department also conducting proceedings in connection with the matter.

Bank Alleges Diversion of Loan Funds

According to the FIR, Union Bank of India Regional Office, Raipur, through its Deputy General Manager and Regional Head Randhir Kumar, lodged a complaint on May 7, 2026, alleging that the company misused credit facilities sanctioned by the bank, causing significant financial loss.

Investigators allege that the accused diverted loan funds instead of utilising them for the intended business purpose.

Export Credit Facility Under Scanner

CBI said the company, engaged in bauxite trading and exports, was sanctioned an Export Packing Credit (EPC) facility of ₹15 crore on April 19, 2023.

The sanctioned limits included:

• ₹5 crore Cash Credit (CC)

• ₹7.50 crore Letter of Credit (LC)

• Other export-related banking facilities

The agency alleges that the company manipulated these facilities by routing money through associated firms.

Funds Allegedly Routed Through Related Firms

According to the investigation, loan proceeds were allegedly transferred to sister concerns and associated entities, including:

• Bharat Multi Trade

• Chris Enterprises

• Radhe Krishna Enterprises

CBI claims these firms had business or family links with the company's promoters and guarantors.

Investigators further alleged that funds withdrawn from the Cash Credit account were routed through these firms and deposited into the Export Packing Credit account on the same day, creating the impression that export credit liabilities had been repaid.

Transactions Under Investigation

The FIR highlights several transactions that are under scrutiny:

• March 26, 2024: ₹91 lakh transferred from the Cash Credit account and an equivalent amount deposited into the Packing Credit account.

• March 27, 2024: Around ₹1.63 crore routed similarly before being credited back.

• March 28, 2024: Nearly ₹1.97 crore allegedly circulated through related entities and redeposited.

CBI estimates that around ₹4.51 crore was allegedly rotated through this mechanism to artificially adjust liabilities.

Loan Turned NPA

The bank stated that the borrower failed to service the loan, following which the account was declared a Non-Performing Asset (NPA) on October 12, 2024.

As of January 31, 2026, the outstanding dues reportedly stood at ₹11.38 crore.

Accused Named in FIR

The FIR names:

• Dhamtari Kpex Private Limited

• Rajlakshmi Saraf (Director)

• Abhishek Gupta

• Kushal Soni (Guarantor)

• Unidentified bank officials

• Other unknown persons

The accused have been booked under provisions relating to criminal conspiracy, cheating, criminal breach of trust, falsification of accounts, and relevant sections of the Prevention of Corruption Act, 1988.

CBI to Probe Financial Trail

The investigating agency said preliminary findings indicate sufficient grounds to investigate alleged misuse of bank funds and possible criminal conspiracy.

CBI will now examine financial transactions, the role of associated companies, bank officials and other individuals linked to the sanction and utilisation of the loan.

 The Economic Offences Wing (EOW), Rewa, has registered a criminal case against five individuals for allegedly obtaining a ₹31.50 lakh bank loan using forged documents and fabricated project reports under the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) Scheme. Investigators claim the accused secured the loan by proposing an ice cream manufacturing unit that was never established.

The case relates to the alleged misuse of a government subsidy scheme intended to promote micro food processing industries.

Loan Secured Using Allegedly Fake Documents

According to the EOW, the complaint was received at its Bhopal headquarters regarding a loan sanctioned by the Punjab National Bank's Venkat Road branch in Rewa to Kalpana Gupta, proprietor of Kalpana Udyog, and her husband Sandeep Gupta.

During verification, investigators found that the accused allegedly conspired with consultants to prepare a false project report and submitted forged documents to obtain loan approval. The documents were reportedly verified before the bank sanctioned the loan amount of ₹31.50 lakh.

Factory Never Established, Says Probe

The investigation further revealed that the proposed ice cream manufacturing unit, for which the loan was sanctioned, was never set up at the declared location.

Officials alleged that instead of establishing the factory, the loan amount was diverted for purposes other than those specified in the project proposal, resulting in the alleged misuse of government subsidy benefits available under the PMFME scheme.

The findings prompted the EOW to initiate criminal proceedings against those allegedly involved in the fraud.

Five Named in Criminal Case

Based on the preliminary investigation, the EOW has registered a case against:

• Kalpana Gupta, Proprietor, Kalpana Udyog

• Sandeep Gupta

• Rupesh Kumar Singh, Proprietor, Spandansh Electric and Machinery

• Santosh Kumar Verma, Proprietor, Arvindo Tech Infra

• Ankita Singh, Proprietor, Arvindo Tech Infra

Officials said the investigation is also examining the role of other individuals connected to the preparation, verification and submission of the project documents.

Case Registered Under BNS

The accused have been booked under Sections 318(4) and 61(2) of the Bharatiya Nyaya Sanhita (BNS), 2023. The EOW has launched a detailed investigation to determine the extent of the alleged conspiracy and whether additional persons or entities were involved.

Authorities are also examining financial records and project-related documents to trace the utilisation of the loan amount and identify any further irregularities.

The PMFME scheme was launched by the Union Government to strengthen micro food processing enterprises through financial assistance, credit support and subsidies. Officials said any misuse of the scheme undermines its objective of supporting genuine entrepreneurs.

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.