A Closer Look at the Haridwar Fake Loan Scam: Unraveling Deception in Finance
In a shocking revelation, six individuals have been implicated in a complex scheme involving ₹38.58 lakh embezzled through deceitful loan practices in Haridwar. This case, centered on the SMFG India Home Finance Company Limited’s operations in Jwalapur, uncovers layers of fraud that transformed what should be a straightforward financial transaction into a web of lies and deceit.
Staged Transaction Unravelled
At the heart of this scam is a fabricated property transaction. The investigations revealed that a plot of land in Baserdi Khadar, sitting in Laksar tehsil, originally registered in the name of Sukhpal, underwent a dubious transition via power of attorney to Machhla Devi. From there, Ravi Kashyap, masquerading as the buyer, sought a loan against this property, presenting title documents that had been certified by advocate Gyaneshwar Thakral. The instrumentation of these falsified documents allowed the company to disburse approximately ₹37.29 lakh in May 2025, issuing a cheque to Machhla Devi but delivered to Kashyap’s wife instead.
Adding another layer to this charade, Machhla Devi supposedly sold the land to Ravi Kashyap in July 2025. But a closer look quickly unearthed that the entire transaction was a mere illusion—an elaborate ruse engineered to manipulate the financial system. Investigators pointed out serious lapses in due diligence, particularly noting the advocate’s failure to confirm the identities of the buyer and seller at the sub-registrar office, a monumental oversight that blatantly flouted protocol.
The deception didn’t end there; the property was purportedly sold again, this time to Sethpal Saini. Here, Saini’s associate, Parvinder Saini, allegedly siphoned off a staggering ₹14 lakh from this fraudulent arrangement, further complicating an already intricate plot.
Legal Action and Ongoing Probe
In light of the filed complaint from the company’s branch manager, Harshpal Singh, the Jwalapur police swiftly initiated a criminal case against various parties involved, including Ravi Kashyap, his wife Payal, Machhla Devi, and advocate Gyaneshwar Thakral. Even the Sub-Registrar and other officials are under the microscope as scrutiny intensifies.
Jwalapur station head Amarjeet Singh highlighted the seriousness of the investigation. Authorities are now racing against time to trace the misappropriated funds and disentangle the conspiratorial threads that bind these individuals together in fraud. This prompt action reflects the law enforcement’s commitment to uncovering deep-seated malfeasance hidden beneath layers of deceit and manipulation.
With the incident’s revelation, the vulnerabilities in loan sanction procedures are now glaring. The ability to submit fake property documents, coupled with collusion among various agents in the process, has raised alarms for financial institutions. Experts are advocating for more stringent Know Your Customer (KYC) checks, the verification of registry details, and a demand for credible documentation before approving substantial loans.
This case serves not just as a cautionary tale but as a wake-up call to stakeholders across the financial spectrum, emphasizing the critical need for vigilance and transparency in real estate-backed financing. The financial landscape is evolving, and so must the efforts to combat the threats posed by those willing to exploit the system for personal gain.
