Delhi: Man arrested for cheating bank through forged loan documents
Jun 05, 2022
New Delhi [India] June 6 : Economic Offences Wing, Delhi Police arrested a man for allegedly cheating a nationalized bank on the basis of forged loan documents to obtain crores of rupees on Sunday.
A case was registered under sections 177, 420, 465, 467, 468, and 120B of the Indian Penal Code and an investigation was taken up.
According to Police, the accused was identified as Harjit Singh (67).
Joint CP EOW Chhaya Sharma said, "The complainant and accused persons are real brothers and were directors in the accused company M/s Libra Finance and M/s Libra Leasing. In 1992, the accused company had obtained CC Limit of Rs 80 Lakhs by pledging 05 properties jointly owned by all three brothers and their wives. The said CC limit was extended from 80 Lakhs to 2 crores in 2005 and was further extended to Rs 5.5 Cr for each company in 2008 and later, to Rs 10 Cr for each company in 2010."
However, the complainants had already resigned from the directorship of the accused company in 2005 and 2006. The signatures of complainants were found to be forged on loan documents so that the CC Limit can be increased on the jointly owned properties. The loan account turned NPA in 2014 and the bank initiated the SARFAESI Act proceedings against the accused company and started auctioning properties jointly owned by all three brothers. In 2015, complainants came to know about the bank loans and filed a complaint before Ludhiana police, she said.
During the enquiry, the loan documents were sent to FSL Punjab and the opinion obtained regarding forgery of loan documents. After that, a case was registered in PS Sarabha Nagar and later on transferred to EOW.
During the course of the investigation, it was revealed that the accused in conspiracy with bank officials and other co-accused had forged the loan documents of Punjab and Sind Bank and obtained the cash credit limit of Rs 5.75 Crores. After a long chase, the accused was finally apprehended from his house in Tagore Park.
The accused Harjit Singh in conspiracy with other co-accused obtained the Cash Credit Limit from the bank for their business on the joint properties owned by complainants as well as alleged. The entire CC limit was used in the business and gradually accused Harjit Singh started defaulting on the repayments as a result, the account of the accused turned NPA, which resulted in auctioning of the properties of the complainant in view of SARFAESI proceedings.
The accused used to change his telephone numbers constantly and was on the run. The dedicated efforts of the team finally led them to the hideout of the accused in Tagore Park, Delhi. An alert technical Surveillance and local enquiry on the ground helped to nab the accused. The accused was arrested and he was taken into police custody in order to unearth the entire conspiracy, police added.
Further investigation is in progress.
