The Delhi Police Economic Offences Wing (EOW) has arrested four persons, including the Assistant General Manager of Punjab National Bank’s Mumbai-based Brady House branch, for duping the bank to the tune of ₹7.5 crore, said a senior officer on Friday. The three others are partners in a Delhi-based bar and lounge.
The same branch had earlier issued Letters of Undertaking (LoUs) worth ₹14,000 crore to fugitive jeweller Nirav Modi. The accused have been identified as Amarjeet Singh, F Bar and Lounge owner Ajay Sharma, Suresh and AGM P.K. Varun. The police said a probe was ordered following a complaint from the bank last June.
It was revealed that the branch had sanctioned a loan of ₹7.5 crore to the bar and lounge in Connaught Place based on fabricated documents. Additional Commissioner of Police (EOW) Suvashish Choudhary said the loan was taken against assets that did not exist.
Probe also revealed that account holders who had withdrawn the loan had never visited the Mumbai branch. In violation of the bank’s standard operating procedures, all formalities for opening these account were facilitated here by Mr. Varun. He also prepared the false documents regarding the account holders’ revenue records to sanction the loan. It was found that all the account holders were connected to Mr. Sharma and Mr. Varun’s son had a 20% stake in the bar and lounge.
“Mr. Singh was arrested on September 11. He told the police about the conspiracy to use fake documents for a loan and also revealed names of the others,” Mr. Choudhary said.
Mr. Sharma was arrested next. He revealed that the AGM and others had helped him open shell companies against which the loans were sanctioned, the officer added. Mr. Sharma and Mr. Varun told the police that the bar and lounge shut down and they had planned to get a loan for its revival using forged documents from Mayur Vihar branch here.
However, verification of the mortgage properties revealed that they were bogus. The bank officials had prepared false site visit reports regarding these properties so that the loan could be sanctioned, the police said. A manhunt has been launched to nab the managers of the Mayur Vihar and Brady House branches of the bank.
