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The Chhattisgarh Economic Offences Wing (EOW) has filed a chargesheet in connection with an alleged INR 104 crore housing loan fraud, marking a significant development in its investigation into the misuse of housing finance. The agency has also arrested a retired seed manager for his alleged role in the case. According to investigators, the fraud involved the fraudulent sanction and disbursal of housing loans through forged documents and irregular approvals, allegedly with the involvement of multiple individuals, including bank officials and government employees. The EOW said the investigation is continuing to identify other accused, trace the flow of funds and recover the defrauded amount.
The Chhattisgarh Economic Offences Wing (EOW) has filed a chargesheet in an alleged INR 104 crore housing loan fraud case, advancing its investigation into the fraudulent sanction and disbursal of housing loans through forged documentation and irregular approval processes. The agency has also arrested a retired seed manager in connection with the case.
According to the EOW, the alleged fraud involved the systematic manipulation of housing loan applications, with investigators identifying irregularities in documentation, loan processing and approvals. The chargesheet alleges that multiple individuals worked in collusion to facilitate the fraudulent loans, resulting in substantial financial losses.
Investigators stated that the case involves the misuse of housing finance through forged records and unauthorised approvals. The EOW has alleged that the fraudulent transactions were carried out with the involvement of several persons, including bank officials and government employees, enabling the disbursal of loans that did not meet prescribed lending norms.
The retired seed manager arrested by the agency is alleged to have played an active role in the execution of the fraud. The filing of the chargesheet represents a key procedural milestone in the investigation and enables the prosecution to proceed before the competent court.
The EOW said investigations remain ongoing to identify other individuals linked to the alleged conspiracy and to establish the complete chain of transactions. Authorities are also examining the movement of funds and the role of additional intermediaries or officials who may have facilitated the fraudulent loan disbursals.
Housing loan fraud cases have increasingly come under the scrutiny of enforcement agencies as regulators and financial institutions seek to strengthen due diligence and improve oversight of lending practices. The Chhattisgarh investigation is focused on establishing accountability for the alleged misuse of housing finance while pursuing the recovery of the defrauded funds in accordance with the applicable legal process.
Source - PTI
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