A shocking case of bank fraud has surfaced in Surat, Gujarat. Rahul Patel, the branch manager of Axis Bank’s Vesu branch, faces serious charges for his alleged role in defrauding the Bank of India (BoI) of ₹2.20 crore. This incident raises serious concerns about ethics and oversight in private sector banking.
How the Loan Takeover Sparked the Fraud
Siddhi Dasani, who runs Shri Anand Impex, had a cash credit loan of ₹2.20 crore with Axis Bank. Frustrated by high interest rates, she approached Bank of India’s Chauta Pul branch to take over the loan. BoI approved her request and sanctioned a new loan of ₹7.45 crore. It used part of this amount to repay Axis Bank.
However, the process took an unexpected turn.
Rahul Patel accepted the repayment but failed to close the original loan account. More critically, he did not submit the original property documents to BoI—a mandatory step in any loan takeover.
What Happened Next
Despite the settlement, the Axis Bank account remained active. Siddhi and her husband, Uttam Dasani, continued withdrawing money from it. Later, they defaulted on repayments to BoI, causing a significant financial loss.
BoI conducted an internal review and discovered the irregularities. As a result, the bank filed a complaint. The police registered a First Information Report (FIR) against Rahul Patel for fraud and intentional misconduct.
Why This Matters
This case is not an isolated one. Recently, multiple fraud cases involving Axis Bank employees have emerged:
- In Gujarat, a sales manager and two staff members issued fake gold loans, costing the bank over ₹2 crore.
- In Odisha, a relationship manager siphoned ₹2.3 crore from a senior citizen’s fixed deposit account.
Clearly, these incidents point to deeper systemic issues. Banks must strengthen internal controls and improve staff accountability. Otherwise, such frauds will continue to erode public trust.
Conclusion
The ₹2.20 crore fraud case involving Axis Bank and BoI serves as a stark reminder. Banks must follow strict procedures, especially during loan transfers. Moreover, they must act swiftly when employees misuse their authority.
Trust in banking depends on transparency and responsibility. Strengthening oversight now will prevent bigger scandals in the future.
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