Kohima: Itanagar police arrested a former Central Bank of India manager in Dimapur on July 15. He allegedly masterminded a 3.23 crore fraud targeting government subsidy beneficiaries. The scheme came to light on July 9 after a victim reported losing 2.5 lakh of his own cash and a 2 lakh government subsidy. That subsidy originated from the Atmanirbhar Pashupalan Yojana.
Investigators identified 18 victims so far. The suspect siphoned money meant for the Atmanirbhar Pashupalan Yojana and the Deen Dayal Upadhyaya Swavalamban Yojana. He forced victims to deposit excessive margin money. Then he opened fixed deposits in their names and secured loans against them. He collected pre-signed withdrawal slips under the guise of processing. He drained the accounts once the government funds hit. The cash moved through mule accounts before landing in his personal possession.
Police traced the stolen money to cryptocurrency trades and stock market gambles. He suffered heavy losses on these bets. He also lent over 50 lakh as private interest-bearing loans. Officials uncovered two extra frauds involving 1 crore in fixed deposits and 35 lakh in separate cheating claims. These remain under active investigation. Superintendent of Police Jummar Basar said, "Superintendent of Police Jummar Basar urged beneficiaries of government loan and subsidy schemes to carefully read official guidelines before signing any banking documents or depositing money." Police are currently tracking more victims and looking for potential accomplices.
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