Rs 4 crore fraud: 36 loans taken allegedly using Jaipur doctor's identity

Jaipur: In a shocking case of identity theft, a 56-year-old city doctor discovered that loans worth nearly Rs 4 crore had been allegedly taken in his name without his knowledge.

According to the news reports, the doctor stumbled upon the fraud while reviewing his credit report, only to find a long list of unfamiliar loan entries. These included personal, business, housing, and even gold loans, totalling 36, spread across multiple banks and non-banking financial companies (NBFCs). Shockingly, all were linked to his identity but had been taken without his consent. 

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He filed a complaint on March 27 at Gandhi Nagar police station, prompting authorities to register a case and begin an investigation. What initially seemed like a clerical error soon emerged as a meticulously planned financial fraud. 

Speaking to TOI, police say an unknown individual or individuals appear to have used the doctor's PAN credentials to unlock credit across multiple financial institutions, exploiting verification systems with enough precision to avoid immediate suspicion. The detail that unsettled investigators the most was not the amount of money fraudulently obtained, but the discipline behind the crime. Every EMI was being paid on time; there were no defaults, no recovery calls, no legal notices – in fact, there were no red flags of any kind to have brought this massive fraud to the unsuspecting doctor's notice. Whoever had built this shadow profile understood the system well. 

This disciplined repayment pattern effectively kept the fraudulent profile “alive” and undetected for months—possibly longer—until the doctor himself reviewed his credit history.

Preliminary investigations revealed discrepancies in customer identification details across the loans, confirming that this was not a clerical error but a deliberate case of impersonation. The loans were sourced from multiple institutions, indicating coordinated efforts and repeated success in bypassing verification protocols.

Police have issued notices to the banks involved, seeking detailed records of all 36 loans, including application documents, approval processes, disbursal trails, and repayment histories. Investigators are now working to trace where the money ultimately went and who benefited from it.

One theory under scrutiny is that the accused may share the same name as the doctor, enabling them to build a convincing but fraudulent financial profile using his PAN credentials. Police are also probing whether a fake credit profile or account was created to intercept alerts and prevent the doctor from receiving notifications about the loans.

"The PAN card used to take out the loans has the doctor's number. Our initial probe suggests most EMIs have been paid regularly," Gandhi Nagar SHO Bhajan Lal said. "While his identity might have been taken over, the doctor has not lost any money so far," he added, reports TOI.

If evidence confirms manipulation of credit monitoring systems, the case could escalate from financial fraud to organised cybercrime.

For months—possibly longer—someone appears to have operated a parallel financial identity in the doctor’s name, maintaining it with enough precision to remain undetected. As investigators continue to unravel the trail, the focus remains on identifying the mastermind who turned a stolen identity into a multi-crore credit operation.

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