The State Economic Offences Investigation and Anti-Corruption Bureau (SEOIACB), Raipur, on Thursday sent the main accused in the Rs 5.04 crore Bank of Baroda (BoB) loan fraud case to Raipur Central Jail under judicial custody after completion of his 14-day police remand, as investigators unearthed what they describe as a well-orchestrated conspiracy involving shell firms, forged documents and the alleged connivance of bank officials. Accused Vishwajit Bhowmik (56), a resident of Bilaspur, was arrested on June 18, 2026, in connection with Crime No 04/2020. Following his arrest, the Special Court under the Prevention of Corruption Act at Bilaspur granted the investigating agency 14 days’ police custody for custodial interrogation. On completion of the remand period, the accused was produced before the court and remanded to judicial custody. The case has been registered under Sections 420, 467, 468, 471 and 120-B of the Indian Penal Code along with Sections 12 and 13(2) of the Prevention of Corruption Act, 1988. According to the SEOIACB, the investigation pertains to alleged large-scale irregularities in loans sanctioned by the Bank of Baroda’s Rajkishore Nagar Branch, Bilaspur, between March 20, 2018 and May 31, 2019. The loans comprised overdrafts, term loans, bank guarantees and cash credit facilities. Investigators alleged that Bhowmik, in collusion with certain bank officials, floated several shell firms in his own name and that of his wife. Using forged and fabricated documents, the firms allegedly secured loans amounting to nearly Rs 5.04 crore, which were subsequently diverted and misused.

 

The investigation further revealed that the accused operated under the guise of a financial consultancy providing assistance in obtaining bank loans. During the process, he allegedly collected Aadhaar cards, PAN cards, GST documents and original property papers from customers seeking loans. The agency alleged that these documents were subsequently used without the knowledge of the borrowers for creating guarantees and mortgages in favour of other shell firms. In several instances, properties belonging to one beneficiary were allegedly shown as collateral for loans obtained by entirely different entities, while the loan proceeds were diverted to accounts controlled by the accused. Investigators also found that borrowers and guarantors were allegedly made to sign blank cheque books in advance. Financial transactions relating to the loan accounts were thereafter operated exclusively by the accused without the knowledge of the account holders. To avoid immediate detection by the bank, small balances were allegedly maintained in the accounts to facilitate periodic payment of interest and instalments. During field verification, investigators reportedly found that none of the firms existed as genuine commercial establishments. The probe has also indicated that undue benefits were allegedly extended to certain bank officials in return for facilitating fraudulent loan sanctions. SEOIACB said further investigation is continuing to identify the complete conspiracy, trace the money trail and establish the role of other persons involved in the alleged fraud