Nagpur: Investigation into the case of loans worth Rs 113 crore taken fraudulently in the name of 151 farmers of Mauda, Parsheoni and Ramtek tehsils in Nagpur district has revealed that the applications were approved in just 48 hours. Not only was the loan amount credited to the farmers’ bank accounts by pledging their agricultural property, but property cards were issued the same day. The fraud had come to light in August. The alleged fraudster, Ramannarao Bolla, had pledged crops to avail the loans. Bolla diverted the money to 24 bank accounts.
Nagpur: An investigation into the fraudulent acquisition of loans amounting to Rs 113 crore in the names of 151 farmers in Mauda, Parsheoni, and Ramtek tehsils has uncovered significant irregularities. The loans were not only approved within an astonishing 48 hours but were also credited to the farmers’ bank accounts by pledging their agricultural property, followed by the issuance of property cards on the same day. The alleged mastermind behind this elaborate scheme, Ramannarao Bolla, had falsely pledged crops to secure the loans, ultimately diverting the funds to 24 different bank accounts.
The case came to light in August when discrepancies were identified in the loan applications submitted on behalf of the farmers in the aforementioned tehsils. An immediate investigation was initiated to understand the extent of the fraudulent activities and to bring those responsible to justice.
The information came to fore during the investigation of the Rs 113 crore loan scam in which 151 farmers and banks were duped by the fraudsters. The loan proposals were approved within a mere 48 hours by the bank officials and funds were instantly credited to the farmers’ bank accounts. Simultaneously, the same day the loans were sanctioned, 7/12 extract (Satbara) of the farmers was mysteriously withdrawn from the website and the quality of mortgaged goods was investigated four months after the loan disbursement.
This massive fraud had targeted farmers in Mauda, Parseoni and Ramtek tehsils. The main culprits involved in the case are Ramannarao Musalia Bolla, who owns a rice mill in Mauda, masterminded the fraud in connivance of Veer Vyankatrao Satyanarayan Wakalkudi, Mahindra Mupowarpo, the then manager of Corporation Bank Manshuram Patil (deceased); Sandip Jagnade of Collateral Company, officials of NCML and Directors of Ramannarao Bolla’s 12 companies.
The cops are investigating the roles of Directors from 12 different companies associated with Bolla and others. In one case, a farm labourer from Chandrapur, was lured to obtain a loan against his one acre land. Shockingly, ten other farmers were also shown as having claims to the same land. On March 23, 2017, a loan proposal was submitted to Corporation Bank and a bank account was quickly opened in the labourer’s name.
The entire process, including the verification of 7/12 extract (Satbara), was completed the very next day and a whopping Rs 49 lakh were deposited into his bank account. The scam was replicated across 151 victim farmers and Bolla and Vakalkudi withdrew the loan amounts and further transferred the money into 12 bogus companies. The farmer primarily cultivated paddy.
The fraudsters falsely documented his land as cultivating gram. A staggering 1,850 sacks (111 MT) of goods were fabricated and claimed to be stored in a warehouse four months prior. One puzzling aspect of this fraud remains, the role of prime accused Bolla as the guarantor to all 151 farmers.
The fraud came to light recently when the farmers received notices for loan recovery from the bank. The farmers confronted Bolla, who falsely promised to return the money along with interest after a few days. However, Bolla failed to deliver on his promises, leaving the victims in distress.
