Delhi Police busts loan racket: 4 arrested for duping PNB of Rs 7 crore using fake documents

Mangalore Today News Network

Delhi, Sept 22 , 2018 : Delhi Police’s Economic Offences Wing (EOW) has busted a loan racket wherein the accused, with connivance of the bank officials of Punjab National Bank (PNB), had sanctioned a loan to the tune of Rs 7.5 crore to open a high-end luxurious F Bar & Lounge at Connaught Place, New Delhi.

 

The loan was disbursed on fabricated documents as the collateral offered by the accused against the loan never existed.

Further it was revealed that the account holder had never visited the Mumbai branch of the bank and all formalities of opening of the account, as well as equitable mortgage of property, were facilitated in Delhi by AGM PK Varun in violation of the existing norms and standard operating procedures (SOP) of the bank.

False documents and reports regarding the site inspection and the revenue records were prepared to facilitate the loan.

The son of PK Varun was involved in the operation of F Bar & Lounge and owned 20 per cent of the shares in the company running F Bar & Lounge.

On September 11, 2018, following an information, the accused Amarjeet Singh (34) was arrested by a raiding team comprising of Insp Sanjeev Dhodi, SI Praveen, ASI Jaipal and Cont Vipin under the supervision of Varsha Sharma, DCP/EOW.

After the arrest and sustained interrogation of the accused Amarjeet Singh, the entire conspiracy unravelled and modus operandi was unearthed. Four accused persons -- Amarjeet Singh, Ajay Kumar Sharma, Suresh and PK Varun (AGM/PNB Brady House Branch, Mumbai) -- were subsequently arrested.


MODUS OPERANDI

The modus operandi of the accused persons was to obtain the loan on the basis of forged and fabricated Sale Deeds of the property being offered as collateral security with the banks.

An account at PNB Mayur Vihar, Phase III Branch was opened on the basis of fake documents in the name of Sarita with the help of the then bank manager, Sheetal Garg. The loan obtained of Rs 49.9 lakh was withdrawn as cash and the said amount was used for setting up of a temporary factory at Surajpur, Noida, so that further loan can be obtained by showing the factory in working condition.

Thereafter, another accused Ajay Kumar Sharma who was the main player for facilitating sanctioning of loan in connivance with accused Amarjeet Singh opened a shell/dummy company in the name of Ply Mouth Ventures Pvt. Ltd. having its office at Mumbai. Suresh was made one of the Directors in this company and they availed Rs. 5 crores cash credit facility in name of the shell Company.

This loan amount was further transferred into other accounts and siphoned off. They also obtained Rs 2 crore OD facility from the same bank which was also transferred into another account and misappropriated.

These amounts were sanctioned against the collateral security of the properties situated at Delhi which were bogus and never existed. Moreover, the account holder did not visit Mumbai and all the formalities of opening of account and equitable mortgage of property was facilitated in Delhi only by AGM PK Varun. The bank officials prepared the false site visit report regarding the property which never existed.

A part of the amount to the tune of Rs 7 crore disbursed by PNB, Brady House Branch, Mumbai was utilised in the opening of high-end luxurious F bar and Lounge, Connaught Place, New Delhi.

The bank accounts of the accused persons where the loan amount was disbursed and thereafter siphoned off were identified and have been frozen.

Investigation is on to unearth the details of the properties and assets acquired by misappropriation of the loan amount.

Efforts are on and raids are being conducted to arrest the absconding branch manager of Brady House of PNB, Mayur Vihar, Phase III Branch in New Delhi. It was also found that several cases have been registered against these persons in Delhi/NCR.


courtesy: Yahoo