Rs 70-cr bank loan fraud: CBI raids businessman’s house in Manimajra

  • HT Correspondent, Hindustan Times, Panchkula
  • Updated: Feb 06, 2015 11:29 IST

CBI sleuths conducted a raid at a house in the Shivalik Enclave locality in Manimajra on Thursday in connection with a Rs Rs 70 crore loan fraud reported at the State Bank of Bikaner & Jaipur branch in Sector 11.

The houseowner, Gurinder Garg, who has been running a firm, Sarvodya Highways, in Sector 8C, Chandigarh, allegedly secured a loan of Rs 52.5 crore in 2011 from the bank by submitting forged documents, reportedly in connivance with the then branch manager, Nishan Lal. Garg never repaid the loan, which with interest has now ballooned to about Rs 70 crore. When the fraud came to light, officials at the bank’s Jaipur headquarters asked the CBI to look into the matter. Detectives of the CBI’s Delhi branch raided the suspect’s house on Thursday.

Suspect under ED scanner too

Garg is also being investigated by the ED along with Chandigarh lawyer Mukesh Mittal in a case of forgery. Nirmal Singh, a resident of Malikpur village in Kharar, together with his family, had entered into an agreement to sell 833 kanals and 9.5 marlas to another company owned by Garg for Rs 30.21 crore, with the offer reportedly being brought by Mittal.

Later, Nirmal accused Mittal and Garg of cheating and forgery as Nirmal’s signature had been taken on a blank paper which was used to forge a receipt confirming payment of Rs 9.37 crore in cash on behalf of all co-owners. The Chandigarh police had, in a report filed by its special investigating team, observed both Mittal and Garg were not able to identify the source of the funds.

Multiple firms

Besides Sarvodya Highways, whose registered office is stated to be SCO 128-129 Sector 8, Chandigarh, a number of bogus companies that are under the ED scanner are also registered here. They include Lake View Services & Promoters, Solan SR Services, Mount Hills Services & Promoters and Shivalik Services & Promoters.

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