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Home / Business / Banking/Finance / How Loan Fraud has Become Norms in GTBank + How the Syndicate has been Operating

How Loan Fraud has Become Norms in GTBank + How the Syndicate has been Operating

How Loan Fraud has Become Norms in GTBank + How the Syndicate has been Operating

GTBankIt is important to note that the unsettled crisis that has given Innoson Motors legal rights to foreclose some properties of the Guaranty Trust Bank (GTBank) over issues that has to do with loan discrepancies is still a major issue in the supposedly top Nigerian bank.

Though GTBank had tried to use agents of the government to shut Innoson management up when the car manufacturing company raised questions about the wide difference noticed in the loan repayment process between them and the need for the bank to refund over-deducted payment from the company’s account.

The issue is now about accusations and counter-accusation until the Supreme Court decided that the GTBank indeed needed to refund the loan repayment scam which has risen from about N8.2 billion to a staggering N32 billion it currently stands.

It is important to note that the Innoson case which is still pending in the court is just an high profile case the loan scam syndicate in the bank has been operating unhindered even when some cases are brought to the notice of the management.

There has been so many issues of smaller loans mostly on dormant account that has gone unnoticed, example is the case of one Ola a customer of the bank whose dormant account was used to process loan without his knowledge.

According to Ola who spoke to us “I was using a salary account with GTBank years back, and since it is my salary account I normally utilizes the bank’s short-code to access loans whenever there’s a pressing need after which I will pay back from my salary.

‘I however stopped using the account in 2013 when I got employment into one of government parastatals and I am mandated to open a new salary account this happened about two months after paying my last loan facility with the GTBank. I later tried to access a loan facility from another bank last year (2021) with the intention of using this loan tied to my entitlement to start a personal business while waiting for my payment to come through, I was surprised when the new bank said I am owing GTBank.

‘Findings showed someone collected a loan on the account after more than a year since I last operated it using short-code, the funny aspect is that I did not get any sort notification from GTBank, no text message or emails to that effect, no calls to remind me of supposed loan, you won’t believe it that I opened a new current account with GTBank a couple of years back with the same name and the issues o this loan did not come up. This shows it is a perfect insider’s fraud scheme.’ Ola explained.

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Investigations shows this is not a one off occurrence as many has also fallen into the schemes of these loan syndicate who targets dormant accounts for a loan they have no intention of paying back, it was gathered many owners of such account may not even ever know that a loan fraud has been perpetrated on their dormant account.

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These undetected loan scam coupled with the GTBank’s disposition to Innoson Motors loan repayment issue more or less reinforce the believe that some of the staffs of the bank with the knowledge of the bank’s management may be cutting corners using likely forgotten account and may now be facing exposure due to the now enforced Bank Verification Number (BVN) by the Central Bank of Nigeria (CBN) which has brought forth Global Standing Instruction (GSI) policy, that exposed the recent loan fraud.

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It is therefore important for owners of dormant account in the bank to be on the lookout as the otherwise loan free account may have mysteriously been used to acquire loan by the loan fraud syndicate that has been working underground for a while in the bank, while the GSI in force will debit your active account of the unknown debt.

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