Two former MML Relationship Officers booked in financial fraud cases

 

 

Two former Relationship Officers of Muthoot Microfin Limited (MML) have been booked for serious financial fraud, including embezzlement and forgery by Panagar Police after a written complaint was filed by Area Manager Nitendra Rajput. Panagar police informed that, according to Rajput, who currently serves as the Area Manager for Muthoot Microfin Limited, headquartered in Kochi, Kerala, with a local office in Bhopal, the company provides short-term loans to rural women for self-employment and home-based businesses under the guidelines of the Reserve Bank of India (RBI). The complaint reveals that the company appointed Santosh

 

Thakur, a resident of Simaria village in Sihora, as a Branch Relationship Officer from January 3, 2024, to March 29, 2025. Thakur’s role was to distribute loans and collect monthly installments from clients. The loan includes an insurance policy that waives repayment and compensates the borrower or her family in the event of death. However, Santosh Thakur allegedly exploited this system by creating forged death certificates to falsely claim that certain clients or their husbands had died.

 

 

This allowed him to pocket the insurance payouts. During an internal audit, it was discovered that six clients had not received any loans, and their IDs and bank passbooks had been tampered with. Thakur is accused of embezzling Rs 3,73,946, which he collected from 20 clients but failed to deposit into the company's bank account. Additionally, he allegedly deleted crucial client loan cards and scroll sheets from field records. When asked by Regional Manager Rahul Gorle to return the funds, Thakur refused and stopped reporting to work. A case under sections 316(5) and 318(4) of BNS has been registered against him, and an investigation is underway. In a similar case, Ankit Kumar Mehra, a resident of Manegaon in Gotegaon Tehsil,

 

Narsinghpur District, who worked as a Relationship Officer from December 13, 2021, to April 11, 2025, has also been accused of fraudulent activities. Mehra allegedly used forged death certificates to claim insurance money for clients who never received loans. An internal investigation revealed that two clients were never issued loans, and Mehra tampered with their IDs and passbooks. He reportedly embezzled a total of Rs 5,74,202 from 20 clients and failed to deposit the funds into the company’s account. Like Thakur, he also deleted loan cards and scroll sheets to cover his tracks. Despite being asked to return the money, Mehra refused and ceased coming to the office. A separate FIR under sections 316(5) and 318(4) of the BNS has also been registered against Ankit Mehra while further investigation is underway.