In a startling case of identity theft and financial fraud, a 56-year-old city doctor discovered that loans worth nearly ₹4 crore had been taken in his name without his knowledge, exposing serious loopholes in verification systems across financial institutions.
Fraud Uncovered During Credit Report Check
The incident came to light when the doctor reviewed his credit report and found multiple unfamiliar loan entries. Reports suggest that as many as 36 loans—including personal, business, housing, and gold loans—had been sanctioned under his identity across several banks and NBFCs.
All loans were linked to his credentials, particularly his PAN, despite him having no knowledge or involvement.
Complaint Filed, Police Launch Investigation
Following the discovery, the doctor lodged a complaint on March 27 at Gandhi Nagar police station. Authorities registered a case and initiated a detailed investigation.
What initially appeared to be a clerical error soon turned out to be a well-planned and systematic fraud operation.
‘Perfect Crime’: EMIs Paid On Time to Avoid Suspicion
Investigators revealed a shocking detail—every EMI for the fraudulent loans was being paid on time. There were no defaults, recovery notices, or warning signs that could have alerted the doctor earlier.
Police believe this disciplined repayment strategy helped the fraud remain undetected for months, possibly longer. The unknown perpetrators appear to have had deep knowledge of financial systems and credit monitoring mechanisms.
PAN Misuse and Identity Manipulation Suspected
According to police, the accused allegedly used the doctor’s PAN details to unlock credit from multiple institutions. Preliminary findings have shown discrepancies in customer identification data, confirming deliberate impersonation.
Officials are also exploring the possibility that the fraudsters may have created a parallel or fake credit profile to intercept alerts and prevent the doctor from receiving any notifications.
Banks Asked to Submit Detailed Loan Records
Investigators have issued notices to all financial institutions involved, seeking complete documentation of the 36 loans. This includes application forms, approval procedures, disbursal details, and repayment histories.
The focus is now on tracing the money trail and identifying who ultimately benefited from the fraudulent transactions.
No Financial Loss Yet, But Cybercrime Angle Emerges
Police stated that, so far, the doctor has not suffered any direct financial loss, as repayments have been regular. However, authorities warn that the case could escalate into a larger organised cybercrime investigation if manipulation of credit systems is confirmed.
Probe Focuses on Mastermind Behind ‘Shadow Identity’
One key theory under investigation is that the accused may share the same name as the doctor, making it easier to build a convincing fake financial identity.
For months, a parallel financial profile appears to have operated seamlessly under the doctor’s name. As the probe deepens, authorities are working to identify the mastermind behind this highly sophisticated fraud.
