HDFC Financial institution official, four others booked for Rs69.46L fraud

Nagpur: An official with HDFC Bank’s Sadar branch was among five persons booked for allegedly duping a contractor of Rs69.46 lakh between September 10, 2016 and June 3, 2017.
The police have booked four directors of Geo Trenchless Equipment Pvt Ltd — Sachin Sharma, his wife Manisha, Rajesh Chauhan, his wife Shilpi. The police have identified the fifth accused as bank manager/loan officer.

The complainant Ganesh Tiwari, 52, a resident of Bandhu Nagar, has accused the branch manager of disbursing the loan amount of Rs54.46 lakh to a company without consulting him.

According to sources, Tiwari had placed an online order for Chinese horizontal directional drilling (HDD) machine with Delhi-based supplier Geo Trenchless Equipment Pvt Ltd. Following initial documentation, Tiwari made a down payment of Rs15 lakh to the company and applied for a loan of Rs54.46 lakh at Sadar branch of HDFC Bank. The loan was sanctioned by the bank. The bank official allegedly transferred the entire loan amount to Geo Trenchless even though the company had not delivered the machine to the contractor.

Tiwari in his complaint said that the bank official disbursed the loan amount to the company without verifying facts about the delivery.

In the hope of getting delivery of the machine, Tiwari paid initial instalments to the bank. He ed Geo Trenchless directors who failed to give any assurance regarding delivery of the machine. As he did not get the HDD machine he had ordered for, Tiwari then approached Mankapur police and lodged an FIR.

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