Came across a news item about Manappuram Gold in few Tamil dailies and weeklies. The news states that, one of the branch manager named Mr. Kalathi Perumal of Jayankondam Branch, Ariyalur District, allegedly involved in a scam worth Rs.47.70Lakhs and the said person is arrested and FIR filed as well. In the first level of investigation, it’s found that 150 customers were affected.
News links in Tamil:
Brief on the scam:
The branch manager mostly targets the uneducated people. Once the customers submit their documents for certain amount of loan, the manager call them personally and ask them to sign further more papers. Those papers will be having statement that, those customers wanted to increase their loan amount.
Example: If one customer need a loan of Rs.2 Lakh, he completes the paper work and initiated the process and goes to home. Now, the manager call that customer after 10 days and trick them to sign further papers. Which is for increasing it from Rs.2Lakh to Rs.2.5Lakh and attach that “loan increase request” to their account. Now he goes on and process the loan, pass the 2Lakh to customer and pocket the 50k to himself.
This scam came into light in the year end audit.
I’ve sent an email to [email protected], for more details on this news and awaiting their response.