Assistant Bank Manager Arrested in Rs 113 Crore Fraud

Sandeep Rewnath Jagnade, Assistant Manager at Corporation Bank, was arrested by the Local Crime Branch of Nagpur (Rural) Police for directing a fraud that swindled 158 farmers of over Rs 113.46 crore. Jagnade and accomplice Ramannnarao Bolla enticed farmers from Mouda, Parseoni, and Ramtek tehsils by promising government compensation after a wet drought in the region. The fraud involved opening bank accounts in the farmers' names and procuring their PAN card and Aadhaar card details.

The accused secured loans ranging from Rs 45 lakh to Rs 50 lakh in the farmers' names from Corporation Bank, Kingsway, Sadar. They redirected the funds to accounts belonging to 12 firms owned by Ramannnarao Bolla. The scam was exposed when several farmers, unaware of these loans, received recovery notices from the bank.

Subsequently, a complaint was filed, leading to the registration of a case against Sandeep Jagnade, Ramannnarao Bolla, and others under various sections of the Indian Penal Code, the Maharashtra Protection of Interests of Depositors Act, and the Information Technology Act. The Local Crime Branch, under the supervision of SP (Rural) Harssh Poddar and Additional SP Dr. Sandip Pakhale, apprehended Jagnade from Yavatmal. Jagnade was produced before the court, and remand for custodial interrogation until December 20 was obtained.

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