Image source: x.com
ED Pune Raids SBI Loan Fraud: Key Facts
- Searches: 12 homes and offices in Pune were checked from Tuesday to Wednesday.
- Fraud Amount: ₹19.38 crore in luxury car loans from the SBI University Road branch.
- Fake Papers: Borrowers used forged documents to get loans for BMW, Volvo, Mercedes, and Land Rover cars.
- Key People: Former SBI Chief Manager Amar Kulkarni (2017-2019), Auto Loan Counsellor Aditya Sethia, car dealers, and borrowers.
- What Was Found: Fake documents, property papers, and several luxury cars seized under money laundering law.
- How It Worked: Car price quotes were inflated by up to ₹61 lakh to get bigger loans without proper checks.
- Legal Base: FIR by CBI Anti-Corruption Bureau and Shivajinagar Police under IPC and Prevention of Corruption Act.
- ED Law Used: Prevention of Money Laundering Act (PMLA), 2002, Section 17 for seizures.
ED Takes Action in Pune for Big SBI Car Loan Scam: ₹19.38 Crore Fraud with Fake Papers and Luxury Cars
The Enforcement Directorate (ED) carried out big searches in Pune. Teams checked 12 places from Tuesday to Wednesday. These were homes and offices. The case is about a ₹19.38 crore fraud in luxury car loans from the State Bank of India‘s (SBI) University Road branch. The searches happened under the Prevention of Money Laundering Act (PMLA), 2002.
ED found a well-planned scam. Car dealers, borrowers, an auto loan agent, and SBI staff worked together. Borrowers used fake papers to get large loans. They bought expensive cars like BMW, Volvo, Mercedes-Benz, and Land Rover. The bank approved these loans without proper checks. This let the accused buy cars they could not really afford.
During the searches, ED found many fake documents. They also found details of properties bought with scam money. Several luxury cars were seized. These cars were bought with fake papers and fraud money. All seizures were done under Section 17 of PMLA.
The case started with an FIR by the CBI Anti-Corruption Bureau in Pune and Shivajinagar Police. The FIR is under the Indian Penal Code (IPC) and Prevention of Corruption Act. The main accused is Amar Kulkarni. He was the chief manager at the branch from 2017 to 2019. He worked with Aditya Sethia, an SBI Auto Loan Counsellor. They joined car dealers and borrowers to break SBI rules.
Investigators said Kulkarni approved loans with fake KYC papers and forged documents. In many cases, car prices were shown much higher than real. One quote was raised by more than ₹61 lakh. This helped get bigger loans and skip proper checks.
This scam hurt the bank and showed how some staff break trust. ED will keep checking the money trail. They want to punish everyone involved.
This case is a strong warning. It shows the government is serious about stopping loan frauds. Honest banking keeps the economy safe.
Source: freepressjournal.in
Read more about Car Loans
Also Read
- Best Loan Options from Banks to Drive Home a New Car This New Year: Lowest Rates and Fee Waivers
- 2026 Credit Score Guide: How to Strengthen Your Profile for Better Loans and Financial Opportunities
- Maruti Suzuki Uttar Pradesh Gramin Bank MoU: 50th Retail Finance Partner for Car Loans
- Trump New Auto Loan Tax Break: Who Could Benefit from the Deduction
- Maruti Suzuki Chhattisgarh Gramin Bank Partnership: Easy Car Loans for Rural Customers!
- ED Pune Raids SBI Loan Fraud: Searches at 12 Places Seize Luxury Cars and Fake Papers in ₹19.38 Crore Case!
