Gangtok: A case of financial fraud has come to light in Namchi, Sikkim, where a couple, Raj Kapur Kumar and his wife, Sulekha Kumari, are accused of cheating UCO Bank by disposing of hypothecated business assets without permission and fleeing the town.
The incident was reported to the Namchi Police Station by Mr. Javed Akhtar, Branch Head of UCO Bank Namchi, in a written FIR on June 13, 2025.
The couple had availed financial assistance under two schemes: ₹10 lakh under the UCO Udyog Bandhu Scheme on May 12, 2023, and ₹5 lakh as a cash credit facility under the Mudra Loan Scheme. They pledged stocks and machinery as collateral to secure the loans. However, they defaulted on repayments, and the loans were declared Non-Performing Assets (NPA) on April 30, 2025. Upon further inspection, the bank found that the assets were missing, and the borrowers were untraceable.
The police enquiry revealed that the couple sold the hypothecated assets to unknown buyers in May 2025 without obtaining any No Objection Certificate (NOC) from the bank. This act is a direct violation of the loan agreement terms. An FIR has been registered under Sections 314, 316(2), 318(3), and 3(5) of the Bharatiya Nyaya Sanhita (BNS), 2023. The case remains under active investigation, and no arrests have been made so far.
The couple’s current location is unknown, but their permanent address is believed to be in Sukhiai village, West Champaran, Bihar, which is yet to be verified by the authorities. The bank confirmed that no records or receipts of the sale were submitted, and the assets were not found at the business premises during inspection. The enquiry clearly indicates a deliberate and planned effort by the accused to cheat the bank, making it a case of financial fraud with criminal intent.
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