Bank manager booked for Rs 93 lakh loan fraud on retired teacher’s FD in Mohali

Mohali: In a case of financial betrayal, a bank manager of a nationalised bank in Mohali has been booked for fraudulently securing a loan of Rs 93 lakh against a fixed deposit belonging to an 80-year-old retired school principal. The accused allegedly exploited the trust of the senior citizen to orchestrate the scam.
The victim, Manjit Kaur Hira, a former principal of a private school, filed a complaint at phase-11 police station, leading to the registration of a fraud case against Nitish Kumar Yadav, then bank manager at Indian Bank, phase-11, and his accomplice, Jagtar Singh Bath, a real estate agent.
According to DSP city-2 Harsimran Singh Bal, "The case has been registered under relevant sections of the BNS — Section 316(5) (criminal breach of trust), 318(4) (cheating by dishonestly inducing delivery of property), and 61(2) (criminal conspiracy). Investigation is underway."
Manjit Kaur Hira, in her statement to the police, said the FD of Rs 1 crore belonged to her late husband, Dr Dilbhag Singh, and she became the beneficiary of the account in 2022. Due to her advanced age and health concerns, she had entrusted Nitish Kumar with managing her banking affairs.
"He handled all my work and slowly gained my full trust," she said. "In Sep 2024, during a visit to the district office, he had me sign a blank paper, saying it was for routine bank formalities. I had no reason to doubt him."
However, during a routine bank visit six months later, she was shocked to discover a lien of Rs 93 lakh against her FD. Upon inquiry, the new manager informed her that the loan had been taken in the name of Jagtar Singh Bath. This was something she and her family were completely unaware of.
Startled by the revelation, she confronted Nitish Kumar, who promised to explain. "He came to my house with Jagtar Singh and his family, apologised, and admitted to the wrongdoing," Manjit Kaur said.
She alleged that the duo took advantage of her trust and vulnerability as a senior citizen to forge documents and secure the loan without her knowledge or consent.