Nellore Axis Bank Branches Duped Of ₹9.19 Crore With Fake Documents

The duping went on for nearly two years until Mannepalli Madan Mohan, Manager, Axis Bank, RTC Bus Stand Branch, Nellore, filed a complaint with Muthukur police, who registered a case.

According to police, the accused—Jale Vasudeva Naidu, Alla Bakshu, Siva and Venkat (also known as Venky), and Sudhakar, orchestrated a scheme by approaching various Axis Bank branches in Nellore city and surrounding areas. They applied for personal, business and other loans, as well as credit cards, by posing as employers of 56 fictitious employees.

The accused submitted fake employment documents, including forged payslips and job verification forms, claiming that 56 individuals worked at companies AVNET India, MR Info Line, Global Solution and Capital Tree. Believing the documents to be genuine, Axis Bank branches sanctioned digital personal loans worth ₹10.60 crore and credit card limits totalling ₹26.46 lakh

The fake companies initially repaid ₹1.40 crore in EMIs before defaulting, with the total outstanding amount being ₹9,19,47,085.32/-.

Police said they registered a formal First Information Report (FIR) based on a complaint in December 2024.

When questioned over the delay in investigation of the case registered in December 2024, police officials attributed it to bank officers' failure in providing the information sought by the investigating officer – circle inspector of Krishnapatnam.

In an interesting twist, Yanadi Welfare Association state president K.C. Penchalayya alleged that the accused collected Aadhaar, PAN and ration cards from unsuspecting tribal individuals under the pretext of securing loans for them.

The accused then used morphing software to portray the victims as software professionals, created fake companies, and submitted forged salary statements for six months to Axis Bank branches to secure digital personal loans and credit cards in the names of the tribal persons.

The tribal people say Axis Bank is now sending loan recovery notices to them, leaving them shocked and helpless. They say they remained unaware of the scam until the notices arrived.

Referring to the complaint on the scam lodged in December 2024, the Yanadi community leaders allege that only a symbolic FIR has been filed. No significant action has been taken against the accused.

"Did these fraudsters write the script for film Kubera,” asked a furious Penchalayya over the notices being issued to tribal people with regard to the scam.

Tribal leaders have demanded swift arrests and full justice, warning that state-wide protests will follow if authorities continue to delay action.