Chennai Police arrest key accused in multi-crore bank loan fraud case
The latest arrest marks progress in a case involving fabricated employment records, forged salary documents, and diversion of funds amounting around Rs.3.5 crore across multiple financial institutions.;
CHENNAI: The seventh and key accused in a high-value loan fraud scheme targeting HDFC Bank's Aminjikarai branch was arrested by the Greater Chennai Police's Bank Fraud Investigation Wing. The accused had fabricated employment records and salary records and diverted funds amounting to Rs 3.5 crore across many financial establishments.
According to a complaint filed by Dhiviyan Kumar of HDFC Bank's Credit Intelligence Control Unit, the accused — identified as C Ekambaram, Kesava Gangaraju, S Krishnamoorthy and others — allegedly posed as software engineers at Avance Consulting Service Pvt Ltd to secure personal loans. After weeks of evasion, the seventh accused Venkatesh, a resident of Alapakkam, Chennai, was arrested on Friday and similarly remanded. Police confirmed all suspects are now in custody as investigations continue into the trail of diverted funds. They submitted counterfeit salary documents created by co-conspirators Kumar and Venkatesh in exchange for commissions. The group reportedly defrauded HDFC Bank of Rs 1.04 crore before diverting the funds to "unknown individuals."
Investigations revealed the accused secured additional loans worth Rs 2.47 crore from other institutions using similar forged credentials, amplifying the scale of the scam.
The bank fraud investigation team apprehended four primary suspects—Kumar, Ekambaram, Gangaraju, and Krishnamoorthy—on March 20, 2025. They were produced before a local court the following day and remanded in judicial custody.
HDFC Bank's vigilance team flagged discrepancies during routine audits, prompting the complaint.
"This case underscores the need for stricter verification protocols to combat document forgery in loan applications," stated a bank representative. The BFIW emphasized its commitment to tackling financial fraud, urging citizens to report suspicious activities. Further forensic analysis of digital records and transactions is underway to identify additional beneficiaries of the scam.