Fraudulent Loan Sanction Sparks Concern: Union Bank Under Scrutiny

ANN NEWS

Srinagar: A shocking case of alleged financial fraud has come to light involving Union Bank of India, where a loan was sanctioned fraudulently in the name of an individual who claims to have no account with the bank. The victim, whose identity is being withheld for privacy reasons, has raised serious allegations against the bank’s Srinagar branch.

 

 

 

According to the victim, the fraudulent loan has caused significant damage to their CIBIL score and placed an unjust financial burden on them. Despite visiting the branch and serving a formal notice to the bank seeking clarification, the officials have failed to provide any response or resolution.

 

 

 

The victim stated, “I have never opened an account with Union Bank, yet I am being held accountable for a loan I never applied for. This negligence is unacceptable, and I am being penalized for something I am not responsible for.”

 

 

 

The silence from the bank’s officials has added to the victim’s distress. They have now sought intervention from the Reserve Bank of India (RBI), urging the apex bank to investigate the matter and take strict action against the concerned branch manager and other responsible officials.

 

 

 

 

This case highlights the growing concerns over banking frauds and the need for stronger internal controls within financial institutions. With the victim’s financial reputation at stake, the RBI is expected to address the issue urgently to ensure justice is served.

 

 

 

 

Such incidents raise critical questions about the accountability of banking institutions and their role in safeguarding customers from fraudulent practices. This case serves as a stark reminder of the need for transparency and vigilance in India’s banking system.

 

 

 

The public awaits a strong response from both Union Bank of India and the RBI to address the growing menace of financial fraud.