The Assam Criminal Investigation Department (CID) has arrested a Guwahati man in connection with an alleged ₹40 lakh vehicle loan fraud involving multiple Canara Bank branches.
Ramen Saikia, also known as Jaan Saikia, was arrested from his Guwahati residence on October 6 following an investigation into suspected irregularities in vehicle loans sanctioned through Canara Bank branches in the greater Guwahati area.
The case centres on allegations that loans were obtained using forged documents and supporting records. The investigation is continuing to determine whether other people were involved.
Five Vehicle Loans Totalled ₹40 Lakh
According to a complaint filed by the Senior Manager of Canara Bank's Ulubari branch, four vehicle loans of ₹8 lakh each were sanctioned and disbursed between February and June 2023.
The loans were reportedly issued in the names of Juri Mahanta Saikia, Madhuparna Choudhary, Leline Rabha and Samudra Jyoti Kashyap.
A fifth loan of ₹8 lakh was subsequently sanctioned by Canara Bank's Amingaon branch in the name of Jaan Saikia under the MSME Vahan Scheme.
That loan was reportedly intended for the purchase of a Bolero BS6 commercial vehicle.
Together, the five loans amounted to ₹40 lakh.
Loan Applications Came Under Scrutiny
The loan applications were allegedly supported by vehicle quotations obtained from Ramnarayan Shiprasad, an authorised Mahindra and Mahindra dealer in Jorhat.
The alleged irregularities came to light after the loan accounts became non-performing assets (NPAs). This prompted an internal examination by the bank's Administrative Office.
The review reportedly found discrepancies in documents submitted as part of the loan applications.
Forged Documents Allegedly Used
According to the complaint, investigators found allegations involving forged vehicle quotations, Registration Certificate copies, insurance documents and other supporting records.
The complaint alleges that these documents were used to obtain vehicle loans from different Canara Bank branches.
The alleged use of similar documentation across multiple loan applications has become a key part of the investigation as authorities examine how the loans were processed and disbursed.
Assam CID Investigates Wider Network
Following the bank's complaint, the Assam CID took up the investigation and arrested Saikia on October 6.
Investigators are now examining the alleged network behind the loan applications and attempting to identify any other people who may have participated in the transactions.
The agency is also looking into how the documents were allegedly prepared, submitted and used during the loan process.
Financial Trail Under Investigation
Tracing the movement of the loan proceeds and examining the supporting banking and loan records will be an important part of the investigation. A detailed Financial Investigation can help establish transaction patterns, identify disputed fund movements and connect financial records with the underlying allegations.
Authorities are also expected to examine the role of the individuals whose names appeared in the loan applications and determine whether they were aware of the alleged irregularities.
Investigation Continues
The case remains under investigation, and the allegations against Saikia and any other suspected participants have yet to be established through the legal process.
The CID is continuing to examine the five loan accounts, the documents submitted to the bank and the transactions associated with the disbursed funds.
The investigation will ultimately seek to establish how the alleged fraud was carried out, whether additional people were involved and the full extent of the suspected financial irregularities.