Delhi Police have arrested seven persons including a Delhi University graduate, two employees of ICICI bank and an LIC agent for taking loans against forged LIC policies.
Police said the gang had procured blank LIC policies and after filling fake details, submitted it to the ICICI bank to procure loan. So far, they had been able to procure loans worth R2.7 crore and had invested the money in shares and properties.
"The kingpin of the gang is one Ajit Pundhir, a freelance agent for ICICI Bank. He came in touch with Ram Niwas and Prem Prakash who used to work with the Loan against Securities division of ICICI Bank at Videocon Tower and were responsible for verifying original documents submitted to the bank for obtaining such loans," Ashok Chand, DCP (crime) said.
Pundhir noticed that client verification was done by field executives and decided to rope in Ram Niwas and Prem Prakash in his plan. "Prakash's brother Anil Kumar worked with LIC and he siphoned off 24 blank LIC policies from his office. Pundhir prepared 12 fraudulent policies ranging from R25 to R50 lakh and submitted it to the bank over the past one year," Chand added.
Niwas and Prakash would verify the fraudulent LIC policies as genuine.
Interestingly, the gang members used to leave some money in the account after approval of loan so their names would not come in the defaulters' list. Apart from Pundhir, Niwas, Prakash and Kumar, police have also arrested Vandana Goldar — Prakash's girlfriend — and her parents. "Sunil Kumar Goldar and China Goldar, Vandana's parents, were the real beneficiaries of scam as two properties were bought in their names," Chand added.