Man held for duping bank of ₹24.13 crore

A 46-year-old man was arrested for allegedly duping a bank to the tune of ₹24.13 crore by selling the stocks of his company, which he had pledged to the bank to avail various loans, police said on Tuesday.

They said Pradeep Kumar Mittal, a resident of Pitampura and director of the alleged company, was arrested on Monday and later released on bail.

Police said that the company availed various loans to the tune of ₹24.13 crore from the bank in 2013 by pledging stock of raw materials, semi furnished and unfinished goods lying in the factory premises. He had agreed to submit the statement of stocks and book debts regularly to the bank but failed to do so.

A probe was initiated based on a complaint by the bank.

Joint Commissioner of Police (Economic Offences Wing) O.P Mishra said the directors of the company had availed credit facilities in 2013 from the bank. The bank secured the credit facilities through the security by way of pledging stock of raw materials, semi finished goods, goods in transit and book debts. Some properties were also mortgaged as collateral by the alleged company.

“During investigation, it was found that the last stock statement was submitted to the bank in 2014 and there was a stock of ₹11.43 core in the company. When inspected later, it was found that there was merely ₹12-15 lakh stock left in the company. The directors of the alleged company have sold out the pledged stock and siphoned off the amount without the knowledge of the complainant bank,” the officer said.

Mittal is the authorised signatory of the bank account of the alleged company, police said, adding further investigation is on.

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Printable version | Jan 18, 2021 7:36:31 AM |

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