Three individuals have been arrested for defrauding the State Bank of India (SBI) by obtaining a housing loan of ₹1.18 crore through the submission of fabricated documents. The accused individuals had reportedly applied for the loan to purchase two flats in Perungalathur but instead diverted the funds for a different purpose.
The fraud came to light when the discrepancies in the documents were identified during the bank’s internal investigation. The SBI took immediate action and reported the matter to the authorities, leading to the arrest of the individuals involved.
Such fraudulent activities highlight the importance of robust verification processes and due diligence by financial institutions to prevent and detect such fraudulent loan applications. The investigation into the case is ongoing, and further legal action will be taken against the accused as per the law.