State vs Former Union Bank of India Branch Manager — Mudra Yojana loan racket

Updates

1. Arrest11 Apr 2026

   Former branch manager of Union Bank of India arrested; how he helped run multi-crore fake loan racket und

   LUCKNOW: Uttar Pradesh Special Task Force (STF) on Saturday arrested a senior bank official for his alleged involvement in a large-scale...

   Explanation in simple terms

   The former branch manager of Union Bank of India has been arrested for his role in a large-scale loan fraud. He is accused of helping criminals secure fake loans under the government's Mudra Yojana scheme, which resulted in the loss of several crores of rupees. Authorities are investigating how he used his position to bypass standard banking rules to approve these fraudulent applications.

   timesofindia.indiatimes.com
2. Filing24 Jun 2023

   CBI files complaint regarding Rs 50.25 crore Mudra loan fraud at Union Bank of India

   The Central Bureau of Investigation has filed a formal complaint detailing the sanction and disbursement of Rs 50.25 crore in term loans, with Rs 42.68 crore reported as outstanding or non-repaid in connection with the Mudra Yojana racket.

   Explanation in simple terms

   The Central Bureau of Investigation has officially started a formal case against a former branch manager of Union Bank of India. This action follows allegations that over 50 million rupees were stolen through a fraudulent loan scheme known as the Mudra Yojana. Investigators are now looking into how these loans were approved and where the money went. This filing marks the beginning of a criminal investigation into the bank official and others involved in the scam.

   cbi.gov.in