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Economic Offences Wing busts loan racket in Delhi

ANI | Updated: Sep 22, 2018 10:38 IST

Economic Offences Wing busts loan racket in Delhi .
New Delhi [India], Sep 22 (ANI): Economic Offences Wing (EOW) has busted a loan racket and arrested four people, including an official of Punjab National Bank (PNB) .
In an investigation, it was revealed that the accused with the connivance of bank officials of PNB had sanctioned a loan of Rs . 7 .5 crore on fabricated documents to open a high-end luxurious bar in Connaught Place, Delhi . The loan was disbursed on fabricated documents as the collateral offered by the accused against the loan never existed .
The people arrested in the alleged fraud have been identified as Amarjeet Singh, Ajay Kumar Sharma, Suresh and P .K . Varun, Assistant General Manager of PNB Brady house Branch, Mumbai .
The accused opened an account at PNB Mayur Vihar, Phase 3 Branch 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 The loan obtained of Rs . 49 .90 lakh was withdrawn as cash and the said amount was used for setting up of a temporary factory at Surajpur, Noida, so that further loan can be obtained by showing the factory in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 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 overdraft 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 . P .K . Varun . The bank officials prepared the false site visit report regarding the property which never existed .
The accused closed the bar after running the bar for three years, without repaying the loans and others liabilities .
The bank accounts of the accused persons where the loan amount was disbursed and thereafter siphoned off were identified and have been frozen .
An investigation is on to unearth the details of the properties and assets acquired by misappropriation of the loan amount . Meanwhile, efforts are on and raids are being conducted to arrest the absconding branch manager of Brady House of PNB Mayur Vihar, Phase III Branch . Cases have also been registered against these persons in Delhi and National Capital Region . (ANI)