Ludhiana: Bank loan scam worth ₹18 crore; Case filed against 6 accused

February 28, 2026

Ludhiana police have taken action and uncovered a bank loan scam worth crores of rupees. Based on a complaint from AU Small Finance Bank, police station number 5 has registered a fraud case against half a dozen individuals associated with the city’s well-known firms, “Modi Solvex” and “MGM Solvex.”

The accused are accused of defrauding the bank of Rs 18 crore through fraud. According to the complaint (PGD 632104/631349) filed with the police by Gaurav Gupta, the bank’s authorized representative, the accused took out loans worth crores of rupees from the bank in the names of their two firms.

Accused took out loans in the names of two firms

Investigation revealed that the accused took out a loan of Rs 9.55 crore in the name of Modi Solvex. A credit facility of Rs 8.44 crore was obtained from the bank in the name of MGM Solvex. To obtain the loan, the accused mortgaged three immovable properties to the bank.

The bank alleges that, in an attempt to embezzle the loan amount, the accused failed to pay the installments or honor the agreement with the bank. Based on statements from bank official Gaurav Gupta, the police have named Ashish Modi, Sarika Modi, Anubhav Modi, Rohini Modi, Sahil Modi, and Vijay Kumar Modi.

Police investigating

Police at Station No. 5 have registered a case under sections of the Criminal Procedure Code (CrPC) and the Criminal Procedure Code (CrPC). Police officials say the matter has been under investigation for a considerable period. After a thorough investigation into the complaints filed by the bank, it was found that the accused had caused financial losses to the bank as part of a deliberate conspiracy.

Currently, the police are conducting raids to arrest the accused and are examining their bank accounts and documents related to the mortgaged properties.