As UPI completes a decade, Prime Minister Narendra Modi highlighted its scale and reach, while official data shows a sharp rise in transaction volumes and value since 2016.

Prime Minister Narendra Modi on Tuesday marked 10 years of the Unified Payments Interface (UPI), describing the platform as a “major turning point” in India's digital payments journey and urging users to share how it has changed their everyday lives. The milestone comes as UPI has grown from a limited banking initiative into a central part of India's digital payments ecosystem. 

In a post on X, Modi said the scale and reach achieved by UPI were something every Indian could be proud of. He also invited people to share their experiences of using the platform and its impact on their lives. 

From Pilot to Mass Payments

UPI was launched by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI). The system initially began with 21 banks and has since expanded across India's banking and digital commerce ecosystem.

According to government data, annual UPI transaction volume rose from around 2 crore transactions in 2016-17 to more than 24,162 crore in 2025-26. Transaction value increased from about ₹0.07 lakh crore to nearly ₹314 lakh crore over the same period. 

The figures underline how rapidly digital payments have moved into routine transactions, ranging from person-to-person transfers to payments at physical and online merchants.

Record Scale in 2025-26

The Union Finance Ministry said UPI processed 24,161.69 crore transactions during 2025-26, with a total value of about ₹314 lakh crore. There were 703 active banks on the platform as of March 2026. 

March 2026 recorded UPI's highest monthly transaction volume at 2,264 crore transactions, while the monthly transaction value reached ₹29.53 lakh crore, according to the government's decade review. 

The platform accounted for about 85 per cent of India's digital payment transactions by volume in 2025-26, according to the Finance Ministry's data.

UPI's Global Expansion

UPI's growth has also extended beyond India's borders. The payment infrastructure has increasingly been adopted for cross-border payments and by countries seeking to enable UPI-based transactions for Indian travellers and other users.

The government has described UPI as the world's largest real-time payment system by transaction volume, citing its scale and interoperability. Official data also puts India's share of global real-time payment transaction volume at around 49 per cent in 2025. 

The expansion has made UPI an important component of India's broader Digital Public Infrastructure and an increasingly visible element of the country's digital diplomacy.

What Changed for Users

For consumers, UPI brought multiple banking functions into a single interoperable payment framework, allowing users to transfer money directly between bank accounts and make merchant payments using participating applications.

Its rapid adoption has also reduced the dependence on cash for many small-value transactions. QR-code payments have become common across shops, service providers and other businesses, allowing even small merchants to accept digital payments without requiring conventional card-payment infrastructure.

A Decade of Digital Payments

The 10-year milestone comes as India continues to expand its digital public infrastructure across banking, government services and commerce. UPI's trajectory has been closely associated with that wider shift towards real-time, interoperable digital services.

The next phase will involve expanding the system's international footprint, improving digital payment capabilities and ensuring that its growth remains accessible across different sections of the population.

For now, the decade milestone offers a measure of how dramatically India's payment habits have changed since UPI's public rollout in 2016.

The Lok Sabha has passed the Taxation and Other Laws (Amendment) Bill, 2026, paving the way for the government to introduce charges on certain digital payment modes, including the Unified Payments Interface (UPI), in the future. However, the amendment does not impose any immediate fee on UPI transactions.

The legislative change gives the Centre the authority to notify specific electronic payment systems where transaction charges may be levied at a later stage. Any decision on the nature, rate and applicability of such charges will require a separate government notification.

No Immediate Charges on UPI

The biggest takeaway for consumers is that UPI transactions remain free for now. The amendment only creates a legal framework that allows the government to introduce charges in the future if considered necessary.

Users can continue making UPI payments without paying any transaction fee, while the existing payment experience remains unchanged.

What Has Changed in the Law?

The amendment revises provisions of the Payment and Settlement Systems Act, 2007, removing the earlier legal restriction that prevented banks and payment service providers from charging a Merchant Discount Rate (MDR) on specified electronic payment modes.

Previously, Section 10A of the Act barred banks and payment operators from levying charges on electronic payment modes prescribed under Section 269SU of the Income Tax Act.

With the revised law, the government now has the flexibility to notify one or more digital payment modes where charges could be introduced in the future.

Who Could Pay the Charges?

Industry discussions have largely centred on the Merchant Discount Rate (MDR), a fee that merchants pay to banks and payment companies for processing digital transactions.

Experts believe that if charges are introduced, they are more likely to apply to merchant transactions rather than routine person-to-person UPI transfers.

However, the government has not announced any framework specifying who would bear the cost or what the charges could be.

Why Is the Change Being Considered?

UPI has become one of the world's largest real-time payment networks, handling billions of transactions every month. While the platform has significantly expanded digital payments and financial inclusion, banks and fintech companies have argued that maintaining the infrastructure involves substantial expenditure.

Payment service providers continue to invest heavily in cybersecurity, fraud prevention, technology upgrades and transaction processing systems. Industry stakeholders have repeatedly called for a sustainable revenue model to support the growing digital payments ecosystem.

Reserve Bank of India Governor Sanjay Malhotra has also recently observed that maintaining payment infrastructure requires continued investment and that a long-term funding mechanism would eventually be necessary.

Will Everyday Users Be Affected?

At present, there is no indication that ordinary UPI users making daily peer-to-peer transactions will be charged.

The government will decide in the future whether any category of digital payments should attract fees and, if so, under what conditions.

UPI's rapid success has largely been driven by its simple, free-to-use model. Analysts believe any future charging mechanism is likely to be carefully designed to avoid discouraging digital payment adoption, particularly among small merchants and individual consumers.

For now, the amendment primarily gives policymakers the flexibility to design a sustainable funding model for India's rapidly expanding digital payments infrastructure without immediately changing how consumers use UPI.

The Reserve Bank of India (RBI) is expected to keep the benchmark repo rate unchanged at 5.25% when Governor Sanjay Malhotra announces the outcome of the Monetary Policy Committee (MPC) meeting at 10:00 AM on Tuesday. Market participants and economists largely expect the central bank to maintain the status quo, citing rising inflation risks and global economic uncertainty.

The three-day MPC meeting concludes today, marking the RBI's third monetary policy review of the current financial year.

Focus on Inflation and Growth

Economists believe the RBI is unlikely to alter interest rates immediately despite concerns over slowing global growth. The central bank is expected to prioritize balancing inflation control with domestic economic expansion.

Higher crude oil prices, weather-related risks to food inflation and uncertainty surrounding global monetary policy have prompted the RBI to adopt a cautious approach, according to analysts.

June Policy Maintained Status Quo

At its previous policy meeting in June, the RBI had also left the repo rate unchanged at 5.25%. However, it revised its inflation projection for 2027 upward from 4.6% to 5.1%, indicating growing concerns over price pressures.

The current review is the third of six scheduled MPC meetings for the financial year, following the April and June policy decisions.

Experts See No Immediate Rate Change

Financial market experts expect the central bank to avoid any immediate policy shift amid elevated global uncertainty.

According to Maulik Patel, Head of Research at Equirus Securities, rising fuel prices and weather-related disruptions have increased both wholesale and retail inflationary pressures. The brokerage estimates India's Consumer Price Index (CPI) inflation to average around 4.9% during the current financial year.

Patel said the RBI is likely to remain cautious given tighter monetary conditions globally and could consider a 25 basis point rate hike during the December policy review if inflationary pressures persist.

Why Repo Rate Matters

The repo rate is the interest rate at which the RBI lends short-term funds to commercial banks and serves as the central bank's primary monetary policy tool.

When inflation rises sharply, the RBI typically increases the repo rate, making borrowing costlier for banks. Banks, in turn, raise lending rates for consumers and businesses, reducing overall demand and helping contain inflation.

Conversely, during periods of weak economic activity, the RBI lowers the repo rate to encourage borrowing, investment and consumption by making loans cheaper.

Markets Await Policy Guidance

Apart from the interest rate decision, investors will closely monitor the RBI Governor's commentary on inflation, liquidity management, economic growth and future policy direction.

Any change in the central bank's inflation outlook or policy stance could influence bond yields, equity markets, banking stocks and lending rates over the coming months.

With inflation remaining a key concern and global uncertainties continuing, markets expect the RBI to signal a measured and data-driven approach while maintaining policy flexibility.

The Reserve Bank of India (RBI) is widely expected to leave the benchmark repo rate unchanged at its Monetary Policy Committee (MPC) meeting this week, as inflation remains within the central bank's prescribed tolerance range despite rising global oil prices triggered by the Iran conflict.

According to a Reuters survey, 68 of 72 economists expect the MPC to maintain the current policy rate. While the RBI is unlikely to tighten monetary policy immediately, analysts believe it may adopt a more hawkish tone by highlighting emerging inflation risks and reiterating that future decisions will remain data-dependent.

Inflation Still Within Target Band

India's retail inflation rose to 4.38 per cent in June, crossing the RBI's medium-term target of 4 per cent for the first time in 17 months. However, it remains well within the central bank's statutory tolerance band of 2 to 6 per cent, allowing policymakers room to pause.

Core inflation, which excludes volatile food and fuel prices, has also remained close to 4 per cent, suggesting that underlying price pressures are still manageable.

Economists say the current inflation trajectory does not yet warrant an immediate increase in interest rates.

Oil Prices Pose Fresh Challenge

The recent surge in crude oil prices following geopolitical tensions in West Asia has added uncertainty to the inflation outlook.

Although higher fuel costs typically feed into transportation, manufacturing and consumer prices, RBI Governor Sanjay Malhotra recently indicated that the pass-through from fuel prices to broader inflation has so far remained limited.

However, inflation expectations among households have started to rise, according to the RBI's latest survey, raising concerns that sustained high energy prices could eventually push overall inflation higher.

Wholesale inflation has also accelerated, reaching 9.87 per cent in June, adding another element of caution for policymakers.

RBI May Adopt Hawkish Tone

While the central bank is expected to keep rates unchanged, market participants believe the MPC could signal greater vigilance over inflation risks.

Analysts expect the policy statement to acknowledge global uncertainties, elevated commodity prices and currency pressures while emphasising that future action will depend on incoming economic data.

Such a stance would allow the RBI to balance inflation management with support for economic growth.

Different Approach from Global Central Banks

The RBI's expected pause contrasts with the actions of several major central banks that have tightened monetary policy in response to rising energy costs.

Countries including Europe, Australia, Indonesia, the Philippines, Singapore, South Korea and South Africa have raised interest rates in recent weeks.

Meanwhile, the US Federal Reserve and the Bank of Japan have opted to keep policy rates unchanged as they continue to assess the economic impact of global geopolitical tensions.

Focus on Stability

Apart from inflation, the RBI is also monitoring the rupee and capital flows.

Recent policy measures aimed at supporting the Indian currency have helped attract foreign investment, reducing immediate pressure on the exchange rate despite volatile global markets.

For now, economists expect the central bank to prioritise financial stability while closely watching inflation trends before considering any future policy tightening.

In a significant ruling with far-reaching implications for cybercrime investigations and banking practices, the Madhya Pradesh High Court has held that law enforcement agencies should not freeze an entire bank account over a minor disputed transaction when less restrictive measures are available. The court directed that, wherever possible, only the amount linked to the alleged cyber fraud should be blocked rather than imposing restrictions on the entire account.

The judgment came while hearing a petition filed by Archana Shivhare, a Bhopal-based businesswoman, whose current account containing more than ₹2.51 crore was frozen following a suspected cyber transaction of just ₹980.

Justice Himanshu Joshi, presiding over the single bench, observed that freezing an entire bank account should remain an exceptional measure and must not become the standard response in cybercrime investigations.

Dispute Over ₹980 Transaction

According to the petition, Shivhare operates seven composite liquor outlets in Narsinghpur district, with all business transactions routed through a single current account.

In April 2026, the State Bank of India branch in Itarsi froze the account without prior notice. The action was reportedly taken following a cybercrime complaint registered under Section 106 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023.

During the hearing, counsel for the petitioner argued that the alleged suspicious transaction involved only ₹980, while the account held more than ₹2,51,72,192.57. The petitioner requested that only the disputed amount be blocked if required for investigation, allowing access to the remaining legitimate funds.

Court Calls for Proportionate Action

Accepting the argument, the High Court observed that investigating agencies must distinguish between the amount allegedly connected to an offence and the lawful funds lying in the account.

The bench said that freezing an entire account despite the disputed amount being minimal was not a proportionate response. Instead, agencies should impose a lien or debit freeze only on the amount necessary for investigation wherever feasible.

The court clarified that complete freezing of an account should be reserved for extraordinary circumstances supported by written reasons.

Banks Also Have Responsibility

The High Court also underlined the role of banks in protecting customers' rights during such proceedings.

It observed that banks cannot simply act as passive executors of police instructions and direct customers to approach investigating agencies or courts. Instead, banks must immediately inform account holders about the reason for freezing, the details of the investigating authority and the available grievance redressal mechanism.

The court described banks as the first point of contact for customers affected by such actions and said they must actively facilitate the resolution process.

Statewide Guidelines Issued

To ensure uniform implementation across Madhya Pradesh, the High Court issued a detailed set of directions for banks, police authorities and investigating agencies.

Under the guidelines:

• Only the disputed amount should be frozen through a lien or debit restriction wherever possible.

• Entire bank accounts should be frozen only in exceptional cases supported by written reasons.

• Investigating officers must promptly inform the jurisdictional magistrate after ordering a bank account freeze.

• Banks must notify account holders about the freezing action, the reasons behind it and the grievance redressal process.

• Complaints received by banks must be uploaded to the designated portal within seven days.

• Investigating officers must pass a reasoned order within 15 days of receiving a complaint.

• If the complaint is accepted, banks must de-freeze the account within 48 hours.

• Where no valid order exists to continue the freeze beyond 90 days, restrictions may be lifted following the prescribed procedure.

• If investigators seek to continue freezing the entire account, they must issue a detailed and reasoned written order.

Court Directs Fresh Decision

The High Court directed the investigating officer to reconsider Shivhare's application in accordance with the Standard Operating Procedure issued on April 10, 2026, along with the principles laid down in the judgment.

The court observed that if securing ₹980 is sufficient for the investigation, the remaining balance should be released immediately. However, if authorities believe freezing the entire account is necessary, they must provide detailed reasons supported by law.

The High Court further instructed the Madhya Pradesh government to circulate the judgment among all banks, police stations, cybercrime units and investigating agencies to ensure a uniform and legally compliant procedure for freezing bank accounts in cybercrime cases across the state.

 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.

India's financial landscape saw several key developments over the weekend. Fuel prices remained unchanged across the country, IDFC First Bank reported a sharp rise in quarterly profit, and the Employees' Provident Fund Organisation (EPFO) began crediting annual interest to subscribers' accounts. Meanwhile, gold and silver prices ended the week higher, Honda launched its premium ZR-V SUV, and Oppo introduced its latest F33 Pro 5G smartphone.

Petrol and Diesel Prices Remain Unchanged

State-owned oil marketing companies have kept petrol and diesel prices unchanged today. Fuel prices continue to remain stable across major cities, with revisions issued daily based on international crude oil prices and currency movements.

IDFC First Bank Q1 Profit Surges 132% to ₹1,075 Crore

Private sector lender IDFC First Bank reported a strong performance for the April–June quarter of FY2026-27.

The bank's net profit rose 132.2% year-on-year to ₹1,075 crore, compared with ₹463 crore in the corresponding quarter last year.

The sharp increase in earnings was driven by:

• Higher net interest income (NII)

• Lower provisioning for bad loans

• Improvement in overall asset quality

The results reflect stronger operational performance and healthier balance sheet metrics during the quarter.

Gold and Silver Prices End Week Higher

Bullion prices witnessed a strong rally during the week.

According to the India Bullion and Jewellers Association (IBJA):

• 24-carat gold (10 grams) gained ₹2,622, reaching ₹1.44 lakh.

• Silver climbed ₹7,247, touching ₹2.23 lakh per kilogram.

The rise comes amid firm global bullion prices and continued investor demand for safe-haven assets.

EPFO Starts Crediting 8.25% PF Interest

The Employees' Provident Fund Organisation (EPFO) has started crediting 8.25% annual interest for the financial year 2025-26 into subscribers' Provident Fund accounts.

Many account holders have already started receiving SMS notifications confirming the credit of interest. However, the process is being carried out in phases, so members who have not yet received a message need not worry.

Subscribers can verify their updated PF balance through:

• EPFO Member Passbook Portal

• UMANG App

• Missed Call Service

• SMS Facility

Honda Launches ZR-V Hybrid SUV in India

Honda Cars India has launched the Honda ZR-V, its flagship premium SUV, at a starting price of ₹48 lakh.

The SUV is being imported as a Completely Built Unit (CBU) and features:

• 2.0-litre strong-hybrid petrol engine

• Claimed fuel efficiency of 22.8 kmpl

• Level-2 ADAS safety package

• Premium interiors and advanced driver-assistance features

The ZR-V will compete with premium SUVs such as the Skoda Kodiaq, Volkswagen Tayron, and Volkswagen Tiguan.

Oppo F33 Pro 5G Review

Oppo has expanded its popular F-series lineup with the Oppo F33 Pro 5G.

The smartphone offers:

• 50MP front camera

• Long battery backup

• Fast charging support

• Premium design

However, one notable limitation is the absence of 4K video recording, which may disappoint users looking for advanced videography capabilities.

Market Snapshot

• Stock Market: Closed today due to Sunday.

• Petrol & Diesel: No change in retail prices.

• Gold: ₹1.44 lakh per 10 grams (24K).

• Silver: ₹2.23 lakh per kg.

• PF Interest: 8.25% credit process underway.

Former Reserve Bank of India (RBI) Governor Raghuram Rajan has been appointed to a special advisory task force at the United States Federal Reserve, becoming the first former RBI chief to join such a policy panel at the US central bank. The move marks another milestone in the career of the internationally acclaimed economist, who rose to global prominence after accurately warning about the 2008 global financial crisis years before it unfolded.

Rajan has been selected by newly appointed Federal Reserve Chair Kevin Warsh to serve on the Balance Sheet Policy Task Force, an independent advisory group tasked with reviewing the Fed’s balance sheet management and long-term policy framework. The panel will examine how the central bank manages its multi-trillion-dollar assets and recommend reforms to strengthen institutional functioning.

A Global Recognition

Rajan’s appointment reflects his long-standing reputation in international economics and central banking. He will work alongside leading economists and policy experts, while two other Indian-origin professionals—Raj Chetty and Asha Sharma—have also been named to separate Federal Reserve advisory groups.

The selection reinforces Rajan’s standing among the world’s most influential economic thinkers and adds another chapter to a career spanning academia, global financial institutions and public policy.

Roots in Bhopal

Born on February 3, 1963, in Bhopal, Madhya Pradesh, Rajan spent much of his childhood in different countries because of his father’s government service. He studied at Campion School, Bhopal, before completing his schooling at Delhi Public School, R.K. Puram in New Delhi.

His academic record has consistently reflected excellence. He graduated in Electrical Engineering from IIT Delhi in 1985, receiving the institute's Director's Gold Medal as the best all-round student. He then earned an MBA from IIM Ahmedabad, where he again topped his class and received a gold medal.

Rajan later completed his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1991, focusing his research on banking and financial systems.

Career Across Global Institutions

Following his doctoral studies, Rajan joined the University of Chicago Booth School of Business, where he has served as a professor of finance for decades.

His international career includes teaching assignments at institutions such as the MIT Sloan School of Management, Kellogg School of Management, Stockholm School of Economics, and the Indian School of Business (ISB).

In 2003, at the age of 40, Rajan became the youngest-ever Chief Economist of the International Monetary Fund (IMF). After returning to India, he served as an economic adviser to Prime Minister Manmohan Singh before being appointed Chief Economic Adviser to the Ministry of Finance in 2012.

In September 2013, Rajan assumed office as the 23rd Governor of the Reserve Bank of India, serving until September 2016. During his tenure, he also served as Vice-Chairman of the Bank for International Settlements (BIS).

The Prediction That Changed His Reputation

Rajan's international reputation was cemented by a speech delivered at the Jackson Hole Economic Symposium in 2005.

At a time when global financial markets were witnessing rapid expansion, Rajan warned that excessive risk-taking by financial institutions and complex financial products could trigger a severe global crisis. His assessment was initially dismissed by several economists and policymakers.

However, the 2007-08 global financial crisis, widely regarded as the worst economic downturn since the Great Depression, unfolded largely along the lines he had anticipated. The accuracy of his warning established him as one of the world's foremost economists and significantly enhanced his global credibility.

Debate Over RBI Independence

Rajan's tenure as RBI Governor was marked by efforts to strengthen financial stability and control inflation through relatively higher interest rates. His emphasis on maintaining the central bank's independence occasionally led to differences with sections of the government over monetary policy priorities.

After completing his three-year term in 2016, Rajan chose not to seek a second term and returned to academic life in the United States.

A New Global Role

With his appointment to the Federal Reserve's advisory task force, Raghuram Rajan once again finds himself at the centre of global economic policymaking. His experience across academia, international finance and central banking is expected to contribute to discussions on the future direction of the world's largest central bank.

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.