Himansh Verma Arrested by ED in Rs 1,257 Crore Bank Loan Fraud Case

The Enforcement Directorate (ED) recently arrested Himansh Verma, a key figure in the massive Rs 1,257 crore loan fraud case involving Syndicate Bank (now Canara Bank). Verma, a resident of Chandigarh, was arrested on October 15, 2023. He was later presented in a special court in Jaipur, where the judge ordered him to be held in ED custody until October 25, 2023.

This arrest is part of a broader investigation into a money laundering case involving several officials from the former Syndicate Bank and others, under the Prevention of Money Laundering Act (PMLA). The case stems from multiple First Information Reports (FIRs) filed by the Central Bureau of Investigation (CBI).

How Himansh Verma Was Involved in the Fraud

According to the ED's investigation, the main fraudster, Bharat Bomb, a Chartered Accountant from Udaipur, orchestrated the loan scam from 2011 to 2016. Bomb, along with bank officials, manipulated loans and engaged in fraudulent cheque discounting, leading to a total loss of Rs 1,257 crore for the bank.

Himansh Verma was closely associated with Bharat Bomb in executing these illegal activities. He was found to have received nearly Rs 85 crore, the proceeds from the fraudulent transactions. The ED has also attached properties worth Rs 14.88 crore belonging to Verma and his family.

Financial Crimes and Legal Troubles for Himansh Verma

The ED revealed that Verma played a significant role in laundering the illicit funds, using a complex system of bank accounts and transactions to hide the illegal money. Additionally, multiple criminal FIRs have been filed against him and his family members in various police stations in Punjab and Chandigarh.

Verma's involvement in the fraud goes beyond financial crimes. He also tried to evade the authorities by changing his name from Himanshu Verma to Himansh Verma and fraudulently obtaining a new passport. However, the passport was later canceled when authorities discovered his criminal background.

Non-Cooperation with Investigators

Despite several summonses from the ED to join the investigation, Verma remained uncooperative. He only appeared once and failed to provide any meaningful cooperation, leading to his eventual arrest.

The ED continues to investigate the case and has made it clear that they are determined to bring all involved parties to justice.

Conclusion

The arrest of Himansh Verma is a significant step in the ongoing probe into the massive Rs 1,257 crore loan fraud case. As investigations continue, the ED is working to track down other individuals involved in this scam and recover the defrauded funds.