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Bengaluru 22nd June 2020: Alert Canara Bank officials recently averted a banking fraud to the tune of INR 1.50 Cr. On 15th of June, one walk in customer along with his friend visited one of the Bengaluru branches of Canara Bank to avail a Housing Loan jointly with his spouse and submitted multiple documents for verification. The loan was to be availed for the purchase of two flats at K R Puram, Bengaluru.

As a standard procedure, he submitted all the necessary documents and a Saving Bank account was opened subsequently by the Branch. On the basis of the initial PAN & Aadhaar documents submitted by him, Bank generated CIBIL Reports which reflected a satisfactory score. The Bank however suspected something amiss on noticing multiple enquires from other financial institutions and sought additional ID proof. The CIBIL report generated on new ID proof revealed several loans availed from other banks. The report also disclosed that the person is holding another PAN Card on which he has already taken three housing loans from other banks and all those housing loan accounts have been classified as NPAs. On further enquiry, it also came to light that the person had submitted fabricated account statement, salary slips and Employer ID Cards.

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In accordance to the instructions of the Higher Office, the branch requested assistance from the nearby police station to look into the matter. Accordingly, the Branch informed the parties to visit the bank on 20.06.2020 and was arrested by the Police on their visit thereby averting the fraud.

About Canara Bank:

Widely known for its customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through various phases of growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties period was characterized by business diversification. In June 2006, the Bank completed a century of operations in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. 

After the amalgamation of Syndicate Bank into Canara Bank on 01.04.2020, the bank has attained the position of 4th largest Public Sector Bank in the country with a total business of Rs 15, 53,792 crores. With 10403 domestic branches, 13448 ATMs and about 6000 Business Correspondents, the Bank has got unparalleled potential to become the numero uno nationalized bank in the country with a premier position in the comity of Indian banks. 

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