Teacher's Name Loan Scandal: ₹72.80 Lakh Funds Allegedly Diverted

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₹72.80 Lakh Loans Taken in Teacher’s Name, Funds Allegedly Diverted A Gorakhpur teacher was reportedly involved in securing four loans amounting to ₹72.80 lakh through fraudulent means, with the majority of the funds allegedly siphoned off using a one-time password (OTP). Eight individuals have been implicated in the case, while ₹9.50 lakh was later returned to the victim’s account by the accused.

Incident Overview

The incident unfolded in Uttar Pradesh’s Gorakhpur, where a teacher was allegedly deceived into obtaining loans from multiple banks under false pretenses. The accused, posing as banking officials, promised assistance in securing credit and generating profit through business ventures. The fraudulent scheme involved the teacher’s account being credited with the loan amounts, followed by unauthorized transfers facilitated through intercepted OTPs. The accused, including a woman identified as a key suspect, allegedly redirected the funds to multiple accounts. Subsequently, ₹9.50 lakh was returned to the teacher’s account, though the majority of the loan amount remained unaccounted for.

The Accused’s Scheme

The victim, a government school employee from Vishunpura village in Kushinagar’s Ahirauli Bazar area, claimed the accused, a distant relative, falsely represented herself as a bank employee. She allegedly advised him to invest in land in Gorakhpur and later referenced an RBI scheme to justify the loan arrangement. The accused reportedly assured the teacher that she would cover the Equated Monthly Installments (EMIs) and repay the entire loan within a year.

The accused reportedly assured the teacher that she would cover the Equated Monthly Installments (EMIs) and repay the entire loan within a year.

The Loan Process

In October 2024, the suspect took the teacher to a finance company in Gorakhpur, where associates obtained signed documents and completed Know Your Customer (KYC) procedures. Four banks approved the loans, with the total sum credited to the teacher’s account. Upon receiving the funds, an OTP was sent to his mobile phone, which was allegedly intercepted by an associate of the accused. The funds were then transferred to five different bank accounts.

Returned Funds and EMI Issues

The teacher later claimed that ₹9.50 lakh was returned to his account by the accused. However, the cumulative EMI burden of ₹1.55 lakh per month became unsustainable, prompting repeated bank communications. When the teacher approached the accused for resolution, she allegedly evaded responsibility and delayed payments. Realizing the deception, the victim reported the case to authorities.

Police Investigation

Police are investigating the loan sanction process, the use of OTPs, and the documentation submitted during the transactions. Additional allegations against the accused include orchestrating a scheme to defraud multiple individuals of approximately ₹12 crore. Cybercrime experts emphasize the risks associated with sharing OTPs or engaging in loan arrangements where third parties promise to manage financial obligations. They advise verifying such claims through independent channels and refraining from disclosing sensitive banking information.

Expert Advice and Legal Actions

Law enforcement is analyzing bank records, mobile numbers, digital footprints, and transaction trails to identify all parties involved. Further legal actions will depend on evidence gathered during the investigation.