Nagpur: The Nagpur Bench of the Bombay High Court has rejected the bail plea of Ramannarao Musalia Bolla, the alleged mastermind behind a Rs 145.25 crore farm loan scam that defrauded 151 farmers from Mauda, Parseoni, and Ramtek tehsils in Nagpur district.
Justice Urmila Joshi-Phalke, while delivering the order, cited the seriousness of the economic crime and Bolla’s central role in the elaborate conspiracy, noting that prima facie evidence pointed to his deep involvement. The scam, which dates back to the aftermath of the 2017 drought, involved fraudulent loans obtained in the names of unsuspecting farmers under the pretext of mortgaging stored grains.
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According to the police, Bolla — who owns Adinath Cold Storage and Darpan Warehouse in Mauda — along with co-accused V.S. Wakalpudi and Roshan Pandey, manipulated farmers into opening bank accounts at Corporation Bank, IDBI, and Vaishya Bank. They collected Aadhaar cards, photographs, and blank-signed forms from the farmers and, without their knowledge, prepared 184 fake loan proposals.
Loans were sanctioned using fraudulent documents showing paddy stocks (mixed with 50% husk) as collateral. The scamsters siphoned off over Rs 76.47 crore into accounts linked to Bolla and his family. The entire fraud came to light in 2018 when Corporation Bank began sending recovery notices to the farmers.
A forensic audit report confirmed the fund transfers and identified Bolla as the key conspirator. Investigations also revealed that six victims did not even own farmland, yet loans were fraudulently approved in their names using forged documents.
The High Court highlighted the mental trauma suffered by the victims, noting that some farmers had even died by suicide, while others were suffering severe psychological distress. Given the human cost of the scam, the court emphasized the need for a firm approach and refused to grant bail.
The prosecution was represented by Advocate Neeraj Jawade, who appeared on behalf of the state government. So far, more than 18 individuals have been booked in the case, including Bolla and his associates, for criminal conspiracy, cheating, and violations of the IT Act.
Bolla was arrested on October 28, 2023, and remains in custody as the Special Investigation Team (SIT) continues to unravel the network of deceit and collusion involved in one of the region’s most audacious loan frauds.
