The local police on Wednesday booked four persons in two separate cases for duping a bank of over Rs 5 crore by not repaying instalments on loans and selling off the land given as collateral.
In the first case, Ravinder Kumar of Kurali, Manohar Lal of Mandi Gobindgarh and Pankaj Singhi of Sirhind were booked for defrauding the bank of Rs 4 crore.
The police said the accused had secured a loan of Rs 4 crore from the Bank of Baroda, Mandi Gobindgarh. But, they stopped repaying the instalments; verification by bank authorities revealed that the accused had sold the land given as collateral.
In the second case, the accused was identified as Sanjeev Kumar of Kurali, who is the son of Ravinder Kumar, accused in the first case.
The police booked Sanjeev for allegedly cheating the bank of Rs 1.85 crore. He had used the same modus operandi - he took a loan from the same bank by pledging his land, which he sold and stopped repaying instalments.
Fatehgarh Sahib station house officer (SHO) Harvinder Singh said Bank of Baroda manager Basant Singh had lodged two complaints on August 11 accusing the four persons of cheating the bank.
The SHO said they had registered two cases under sections 420 (cheating), 406 (criminal breach of trust) and 120-B (criminal conspiracy) of the Indian Penal Code (IPC). He said efforts were on to arrest the accused.