Businessman cheats bank of ₹30 crore

Submits forged papers to avail of loans

A businessman was arrested for allegedly availing loans worth ₹30 crore from a nationalised bank after producing forged documents, the police said on Tuesday.

The suspect, Sidharth Jain (39), a resident of Shalimar Bagh, deals in the business of supplying metals to BALCO and some other private operators, they said.

According to the police, in 2011, he was chargesheeted by the CBI in a similar case of cheating where he stood as ‘guarantor’ for a ₹3 crore bank loan. In 2004, he was arrested by Rajouri Garden police in a ₹12 lakh cheating case.

The matter came to light after a retired Colonel, Love Kumar Ojha (77) alleged that some land grabbers had dispossessed him of his plot in Co-operative House Building Society Ltd, Saraswati Vihar, the police said. Later, another case was filed after police found that the original file pertaining to the plot was allegedly missing from the office of DDA, they added.

Investigation revealed that Jain had obtained credit facility of ₹7 crore from a nationalised bank with forged documents claiming him to be the owner of the alleged plot of Co-operative House Building Society Ltd, ACP (Crime), Rajiv Ranjan said.

In another case, he managed to get a credit limit of ₹6 crore from the same bank against a property in Pitampura. He also managed to obtain credit limit of another ₹11 crore on a property in Model Town, the senior officer said. In total, he is supposed to pay about ₹30 crore to the bank.

Both the sale deeds presented to the bank were never registered and no sale transactions ever took place. All documents were forged and the bank also failed to verify any document before accepting them as collateral security and extending credit facility to the suspect, the officer added.

The role of bank officials in the alleged loan fraud is being examined, the police said, adding the associates of the suspect in the fraud are also being identified and will be booked accordingly.

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Printable version | Feb 29, 2020 7:26:52 PM |

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