Ahmedabad: The Fraud Investigation Cell of CID Crime, Gandhinagar, arrested a 52-year-old broker for allegedly cheating Mehsana Urban Co-operative Bank Ltd of Rs 64.04 crore by taking development and business loans and defaulting on repayment between 2016 and 2023.Officials said the accused, identified as Manoj Chaudhary, was detained in Gandhidham following a discreet probe. He was produced before a court and remanded to judicial custody in accordance with procedure.
Police said the accused and co-conspirators allegedly forged valuation reports and construction certificates, and presented them as genuine documents to secure loans from the bank. The funds were allegedly diverted for personal use rather than for the stated projects, resulting in a financial loss for the bank.A complaint in the case was registered with the CID Crime, Gandhinagar, after the bank flagged irregularities in loan documents and repayment records. The offence pertains to criminal conspiracy, cheating, breach of trust, and financial misappropriation.
