Rs 5 Crore Fake Loan Case: Bilaspur Court Gets EOW Chargesheet
Bilaspur, October 31, 2026. The Economic Offences Wing and Anti-Corruption Bureau (EOW-ACB) has completed its investigation into an alleged loan scam of Rs 5 crore 4 lakh 15 thousand at the Rajkishor Nagar branch of Bank of Baroda in Bilaspur. A chargesheet against two accused was presented before a special court on October 30, 2026.
The accused are Vishwajeet Bhaumik, who ran Udaan Micro Finance, and Rahul Kumar Sinha, the then senior branch manager of the bank. Sinha is presently posted as a senior manager at the Gadhsisa branch in Kutch district of Gujarat.
Fake firms and unauthorised loans
The EOW-ACB investigation states that between March 20, 2018, and May 3, 2019, the Rajkishor Nagar branch approved cash credit, overdraft, bank guarantee and term loan facilities for 11 ineligible firms. It is alleged that Sinha sanctioned these loans while disregarding banking regulations and prescribed procedures.
In many cases, the individuals in whose names the firms were registered had no knowledge of the businesses. Collateral in the form of property was accepted from persons who had no link to the borrowing firms. Bank inspection reports also contained fake addresses and business descriptions.
Personal documents and blank cheques allegedly misused
According to investigators, Bhaumik operated an office named Udaan Micro Finance in Jarha Bhatha, Bilaspur. He allegedly won people's confidence by offering to arrange bank loans, and then obtained their Aadhaar cards, PAN cards, KYC papers, original property documents and signed blank cheques.
The documents were allegedly used to create firms without the knowledge of the individuals concerned. In some firms, employees were shown as proprietors. Shop and establishment registration certificates of three firms were found to be fake. GST returns of seven firms were filed from the Udaan Micro Finance office, the probe found.
NSIC channel and final beneficiary
The investigation has also identified a payment route through the National Small Industries Corporation (NSIC). Loan amounts sanctioned by the bank were not used for the real business of the firms. Instead, the funds were transferred to other accounts and withdrawn.
Investigators have named Bhaumik as the final beneficiary. It is alleged that money was sent through NSIC to his own firm, A.B. Fasteners, and received against forged bills.
Loan accounts declared NPA
During a bank inspection, the actual business premises of all 11 firms could not be found. By 2019, all 11 loan accounts had been declared non-performing assets (NPAs).
The fraud has resulted in a financial loss of Rs 5,04,15,000 to the bank.
Case registered under IPC and PC Act
The chargesheet has been filed against Vishwajeet Bhaumik, 56, of Vivekanand Nagar, Mopka, Bilaspur, and Rahul Kumar Sinha, 45, the then senior branch manager of Bank of Baroda.
The two accused face charges under Sections 420, 467, 468, 471 and 120-B of the Indian Penal Code, as well as Sections 12 and 13(2) of the Prevention of Corruption Act, 1988.
With the investigation now complete, the matter is before the court. Further legal proceedings in this multi-crore alleged banking scam will be followed closely.