Punjab woman gets loan after 3 years of death; FIR filed
Authorities in Punjab have filed an FIR against five individuals following the discovery of a loan fraud scheme where loans were sanctioned in the names of deceased individuals. The investigation revealed that forged documents and photos were used to secure funds from a private finance company.
Why it matters
This case exposes vulnerabilities in the digital lending and KYC verification processes within the Indian financial sector.
MOHALI: A woman who died in Nov 2019 allegedly “came alive” in official records three years later when a Rs 40,000 loan was sanctioned in her name using forged documents, including the photograph of another woman, in Nihal Singh Wala.The Punjab State Crime Cell, Mohali, registered a case against five people following a fact-finding inquiry by the Punjab Bureau of Investigation and crime zone Bathinda into an alleged loan fraud using fake documents and identities.According to the inquiry, Shubh Lakshmi Private Finance Limited sanctioned the Rs 40,000 loan in 2022 in the name of the woman who had died in 2019.
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