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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  HDFC Bank    HDFCBANK   INE040A01026

HDFC BANK

(HDFCBANK)
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HDFC Bank : Rs 1.5 crore farm loan fraud hits HDFCs Rajam branch

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01/12/2019 | 03:44am EDT

The local branch of a reputable bank that has national presence has been rocked by an agriculture loans fraud, to the tune of Rs 1.05 crore. About 17 persons of G Sigadam mandal obtained loans, which ran up to Rs 1.05 crore from the HDFC Banks branch at Rajam.

The issue came to light when the bank officials summoned the borrowers, who had defaulted to repay the loans. When the officials asked the borrowers to repay their loans they refused, even after receiving demand notices. The bank officials investigated the details of the borrowers and realised that they had been cheated as the crop loans the bank gave could well turn into NPAs.

In course of the investigation, it was also learnt that the accused borrowers had created fake pattadar passbooks and obtained huge loans.

According to Rajam CI Venugopal, a complaint was lodged by the bank officials alleging that the loans were obtained by the farmers of Dalem and Rajuvalasa villages of G Sigadam mandal by producing fake pattadar passbooks. As many as 17 people had obtained loans to the tune of Rs 1,05,83,900 from the local HDFC Bank branch, he said. He also said since the complaint was lodged by the bank officials on Wednesday and thorough investigation would be conducted.

According to some sources, who are in the know of the things, obtaining loan, with the help of fake pattadar passbook, is not easy unless all the supportive documents are produced. There are, therefore, suspicions on the involvement of bank officials and also revenue officials in this fraud.

For record, almost two years ago, a person obtained a huge loan by mortgaging imitation gold ornaments with Karur Vysya Bank at Rajam. Similar frauds with regard to agriculture loans obtained by creating fake documents took place in Nandigam mandal previously.

How to obtain crop loan

To obtain agriculture loans from any bank, the land must be in the name of the farmer who borrows

Similarly, the pattadar passbook must have been registered with 1B, Adangal and the copy of the land document must also be submitted to the bank to obtain loan

Moreover, the entry of land details is mandatory in the web land portal

Bank frauds over the years

Almost two years ago, a person obtained a huge loan by mortgaging imitation gold ornaments with Karur Vysya Bank at Rajam Similar frauds with regard to agriculture loans, obtained by creating fake documents, took place in Nandigam mandal before

(c) 2019 Global Data Point. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Sales 2019 655 B
EBIT 2019 385 B
Net income 2019 210 B
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Yield 2019 0,66%
P/E ratio 2019 29,09
P/E ratio 2020 23,83
Capi. / Sales 2019 9,48x
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Ramakant Madhav Nayak Chief Executive Officer & Managing Director
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