<p>Mangaluru: The Chief Manager of the State Bank of India, Mallikatte branch, has filed a complaint alleging a loan fraud in which a former Relationship (SME) Manager and 14 borrowers colluded to obtain MSME loans using misleading documents, causing the bank a loss of more than Rs 10.47 crore.</p><p>According to Chief Manager Saurabh Kumar Verma, who assumed charge on June 2, 2025, the bank’s former Relationship Manager Abhishek Nanda, who worked at the branch between June 27, 2022, and November 20, 2024, had sanctioned several loans without conducting proper verification. He allegedly processed applications submitted by various individuals for businesses ranging from electronics trading, solar rooftop equipment supply, plywood trading, arecanut trading, poultry feed production, supermarket operations, leather goods trading, plywood and household goods manufacturing, kitchenware supply, and hotel and restaurant management.</p><p>The complainant stated that Rifad Mohammed, Sefia, and Mammed Ziam Nitte Hassan Adam had obtained loans claiming to run electronics businesses, while Akshatha received a loan for a solar rooftop enterprise. Anwar Hussain secured a loan for a plywood trading business, and Abbobakar along with Muhiyuddin (A8) were sanctioned a joint loan for arecanut trading. Similarly, Rashmitha availed a loan for a poultry feed unit, Heeba Hallema for a supermarket venture, Aashraf Abbas Beary and Sushma for leather bags and shoe trading, Akbar Salam for plywood and household goods manufacturing, Raihanath K A (for a kitchenware business, and Mohammad Rafan for running a hotel and restaurant.</p>.Mangaluru police arrest notorious interstate thief; recover 4 stolen vehicles, and gold worth Rs 5 lakh.<p>However, according to the bank, none of the accused repaid their loan instalments as required. </p><p>The complaint further states that although the Relationship Manager was aware that several of these businesses were not functioning properly, he still recommended loan sanctions after collecting documents from the applicants. It is alleged that he received financial benefits from the borrowers and facilitated the approvals despite knowing that the enterprises were not viable.</p><p>The complainant accused all 15 individuals of acting with a common intention to cheat the bank and of committing criminal breach of trust, cheating, and fraud. Their actions collectively resulted in a loss of Rs 10,47,49,868 to the SBI Mallikatte branch.</p><p>Police have registered a case and investigation is in progress. </p>
<p>Mangaluru: The Chief Manager of the State Bank of India, Mallikatte branch, has filed a complaint alleging a loan fraud in which a former Relationship (SME) Manager and 14 borrowers colluded to obtain MSME loans using misleading documents, causing the bank a loss of more than Rs 10.47 crore.</p><p>According to Chief Manager Saurabh Kumar Verma, who assumed charge on June 2, 2025, the bank’s former Relationship Manager Abhishek Nanda, who worked at the branch between June 27, 2022, and November 20, 2024, had sanctioned several loans without conducting proper verification. He allegedly processed applications submitted by various individuals for businesses ranging from electronics trading, solar rooftop equipment supply, plywood trading, arecanut trading, poultry feed production, supermarket operations, leather goods trading, plywood and household goods manufacturing, kitchenware supply, and hotel and restaurant management.</p><p>The complainant stated that Rifad Mohammed, Sefia, and Mammed Ziam Nitte Hassan Adam had obtained loans claiming to run electronics businesses, while Akshatha received a loan for a solar rooftop enterprise. Anwar Hussain secured a loan for a plywood trading business, and Abbobakar along with Muhiyuddin (A8) were sanctioned a joint loan for arecanut trading. Similarly, Rashmitha availed a loan for a poultry feed unit, Heeba Hallema for a supermarket venture, Aashraf Abbas Beary and Sushma for leather bags and shoe trading, Akbar Salam for plywood and household goods manufacturing, Raihanath K A (for a kitchenware business, and Mohammad Rafan for running a hotel and restaurant.</p>.Mangaluru police arrest notorious interstate thief; recover 4 stolen vehicles, and gold worth Rs 5 lakh.<p>However, according to the bank, none of the accused repaid their loan instalments as required. </p><p>The complaint further states that although the Relationship Manager was aware that several of these businesses were not functioning properly, he still recommended loan sanctions after collecting documents from the applicants. It is alleged that he received financial benefits from the borrowers and facilitated the approvals despite knowing that the enterprises were not viable.</p><p>The complainant accused all 15 individuals of acting with a common intention to cheat the bank and of committing criminal breach of trust, cheating, and fraud. Their actions collectively resulted in a loss of Rs 10,47,49,868 to the SBI Mallikatte branch.</p><p>Police have registered a case and investigation is in progress. </p>