Local Crime Branch of Nagpur (Rural) Police arrested Sandeep Rewnath Jagnade, Assistant Manager, Corporation Bank, who cheated 158 farmers of over Rs 113.46 crore with promises of financial help after a wet drought in the region.
Jagnade, along with Ramannnarao Bolla, a rice mill owner and others, lured the farmers from Mouda, Parseoni and Ramtek tehsils by promising compensation from the Government and got bank accounts opened in their names after procuring their PAN card and Aadhaar card details.
The accused obtained loans ranging from Rs 45 lakh to Rs 50 lakh in their names from Corporation Bank, Kingsway, Sadar, and then these were siphoned off into accounts of 12 firms owned by Ramannnarao Bolla.
The fraud came to light when several of these farmers, who had no idea about these loans, got recoverynotices from the bank.
Subsequently, a complaint was lodged with the police. On the basis of the complaints, Mouda Police had registered a case under Sections 406, 409, 413, 420, 465, 467, 468, 471, 120 (b) of the Indian Penal Code (IPC), read with Sections 3 of Maharashtra Protection of Interests of Depositors (In Financial Establishments) Act, and 66(b) of the Information Technology Act, against prime accused Sandeep Jagnade, Ramannnarao Bolla and oth- ers at Mouda Police Station.
A team of LCB led by Omprakash Kokate, under the supervision of SP (Rural) Harssh Poddar and Additional SP Dr Sandip Pakhale, nabbed Jagnade from Yavatmal.
Cops produced Jagnade before the court and obtained remand for his custodial inter- rogation till December 20.