CIBIL score fraud: Bank of Maharashtra includes main mastermind Jenny Varghese in fraud list

THIRUVANANTHAPURAM: The Bank of Maharashtra has included Jenny Varghese, who allegedly obtained CIBIL scores and cheated people of crores of rupees, along with three bank officials, in its fraud list. The bank also recommended a CBI investigation into the case.

The fraud involved obtaining the Aadhaar documents of people with low CIBIL scores and takes loans worth crores of rupees in their names without their knowledge. Many came to know that loans had been taken in their names only after receiving notices from the banks. It has been found that irregularities amounting to around Rs 700 crore took place across various banks. Jenny Varghese of Ernakulam, was the main mastermind behind the fraud, which was centered around nationalised banks in Kochi. Bank officials are also reported to have been involved in the fraud.

The fraud suffered substantial losses to the Bank of Maharashtra. An assessment conducted by the bank’s fraud monitoring group found that the bank had suffered a loss of around Rs 72 crore through 14 loans. Based on this assessment, the bank decided to include Jenny Varghese and three bank officials who allegedly assisted in its fraud list. The bank’s Pune head office has sent a letter to the zonal manager seeking necessary steps to initiate a CBI investigation as well as a police investigation into the fraud.