In a significant breakthrough, the Latasil Police has apprehended seven individuals in connection with the recent unraveling of the Indian Railway Loan Scam in Guwahati city. The investigation led by city police unearthed a major racket accused of embezzling a staggering sum of Rs 10 crore.

The elaborate scheme allegedly involved the creation of counterfeit bank accounts under the names of railway employees across institutions like the State Bank of India (SBI) and Punjab National Bank (PNB). Shockingly, preliminary findings suggest complicity of high-ranking officials from the Northeast Frontier Railway (NFR) in the illicit operation.

Operating methodically, the racket converted legitimate salary accounts of railway personnel into loan accounts, subsequently altering bank account details within the railway system. Exploiting this manipulation, the perpetrators siphoned off substantial funds under the guise of loans.

To further their deceit, the scamsters forged numerous stamps and documents purportedly belonging to railway employees, implicating data entry operators and intermediaries within the railway department and brokerage networks.

Among the apprehended, Phanindra Kumar, an official from NFR's accounts department in Maligaon, Guwahati, stands accused. Additionally, individuals identified as Ramzan Ali, Manoj Basfor, Ajit Basfor, and Biraj Das were detained, with city police seizing approximately 200 counterfeit loan forms.

Further intensifying their crackdown, the city police, on Monday, arrested two additional suspects from Rangiya, believed to be complicit in the creation of forged stamps and documents.

As investigations continue to unfold, the city police are striving to dismantle the intricate network behind this audacious fraud, ensuring accountability and justice for the victims of the railway loan scam.