Mumbai has seen many frauds, but this one felt like a movie: big money, big lies, and a fall so dramatic that even the experts were shocked.
“₹764 crores,” an officer at the Enforcement Directorate muttered, flipping through a thick file. “How does someone even pull off a scam this big?”
His colleague leaned back in his chair, shaking his head. “By making the banks believe he’s richer than he is.”
And that was the secret behind Vijay Gupta’s grand scam.
The Rise of Vijay Gupta
Vijay Gupta didn’t look like a fraud. He wasn’t hiding in dark corners or running away from people. Infact, he was well-known in business circles. He wore expensive suits, drove fancy cars, and had a way of making people believe in his success.
He owned a steel company under the Vindhyavanshi Group of Companies and convinced everyone it was growing fast.
Banks trusted him. He also had good relations with the Relationship Manager of the State Bank of India, Thane Branch, and the company’s loan consultant.
Using their trust and influence, he persuaded them to approve a loan to expand his business.
“We can approve the loan, but we need to see your financial records,” a bank officer told him.
Gupta smiled, handing over a thick report. “Everything is in there.”
What the banks didn’t know was that every number in that report was fake.
The Illusion of Wealth
For months, everything seemed perfect. Gupta used the loan money to live a dream life, buying luxury homes, throwing big parties, and making sure everyone saw him as a rich businessman. After all, when someone spends like a king, no one asks questions.
But soon, things started to look suspicious.
One evening, a young bank officer stared at his computer screen. “Something’s not right with these transactions,” he said to his colleague.
“What do you mean?”
“His company’s cash flow doesn’t add up. Big deposits, sudden withdrawals. Something is off.”
The senior officer sighed. “If you’re right, we have a serious problem.”
“There is, a ₹764 crore problem,” the bank officer murmered.
The Fall
The banks ordered an audit. The more they checked, the more they realized, Gupta had tricked them. His company, wasn’t making huge profits. He had simply faked all the numbers.
When they confronted him, his usual charm disappeared. He fumbled for words, trying to explain, but it was too late.
Soon, the Enforcement Directorate got involved. And once they stepped in, the truth came crashing down.
The Enforcement Directorate alleged that Gupta paid ₹59 lakh in bribes to a bank official to secure loan approvals.
These loans eventually turned into Non-Performing Assets, with the ED estimating the total proceeds of the fraud at ₹764.44 crore.
On March 27, 2025, Vijay Gupta was arrested. His empire of lies was over.
A Lesson for Everyone
As the news spread, people in Mumbai kept asking one thing: How did he fool the banks for so long?
This scam wasn’t just about one man fooling the banks. It was about a system that failed to check the truth. And as long as greed and loopholes exist, there will always be another Vijay Gupta.
