LUCKNOW — The Central Bureau of Investigation (CBI) has registered a Regular Case (RC) against a Credit Manager of the Bank of India (BOI) for allegedly orchestrating a massive financial fraud totaling approximately ₹9.2 crores at the Bhadohi SSI Branch in Uttar Pradesh.
The First Information Report (FIR), registered on May 11, 2026, by the ACB Lucknow, names Mr. Tausif Akhtar as the primary accused.
The Investigation
The fraud was uncovered after an internal audit initiated on April 23, 2026, following a whistleblower report. The investigation revealed that Akhtar, who had been the Credit Manager since November 2025, allegedly siphoned funds between 2025 and 2026.
According to the complaint filed by Shri Manoj Kumar, Deputy Zonal Manager (Varanasi Zone), the accused allegedly employed a sophisticated modus operandi:
- Exploitation of Fixed Deposits: Akhtar allegedly identified high-value Fixed Deposit Receipts (FDRs) of unsuspecting customers.
- Signature Forgery: He allegedly forged the signatures of genuine FDR holders on loan documents and lien marking letters to pledge their deposits as collateral without their knowledge.
- Fictitious Mudra Loans: The scheme was expanded by securing “Mudra Loans” through the submission of fabricated credentials for bogus entities.
- Laundering and Diversion: Loan proceeds were strategically channeled into multiple newly established accounts and siphoned off for personal gain.
Legal Charges
The CBI has invoked several sections of the Bharatiya Nyaya Sanhita (BNS), 2023, and the Prevention of Corruption Act, 1988:
More Read
- BNS Sections: 61(2) (Criminal Conspiracy), 316(5) (Criminal Breach of Trust), 336(3), 338, and 340 (Forgery and use of forged documents).
- PC Act: Section 13(2) r/w 13(1)(a) related to criminal misconduct by a public servant.
Current Status
Prior approval for the investigation was granted by the Competent Authority at the Bank of India Head Office in Mumbai on May 8, 2026. The bank has placed Mr. Akhtar under suspension as of April 29, 2026.
While Akhtar submitted a written admission on April 23, 2026, claiming he acted alone, the CBI is investigating the potential involvement of “unknown others” and the inter-state transfer of the proceeds of the crime.
