Balongi man booked for securing ₹36L car loan using fake documents
The accused identified as Manjit Singh, a native of Fatehgarh Sahib and currently residing in Balongi, was booked following the complaint of the branch manager at Punjab Gramin Bank, Balongi, who also suspected involvement of the staff of the RTO, Mohali.
Police have booked a Balongi resident for fraudulently availing a loan of ₹36 lakh for purchasing a Toyota car after submitting fake documents.
The accused identified as Manjit Singh, a native of Fatehgarh Sahib and currently residing in Balongi, was booked following the complaint of the branch manager at Punjab Gramin Bank, Balongi, who also suspected involvement of the staff of the RTO, Mohali.
As per the FIR, on September 14, 2023, Manjit Singh approached the bank for a vehicle loan of ₹36 lakh. He also submitted the fard jamabandi of Sanolia village, Patiala, with the bank. On September 16, 2023, the bank sanctioned his loan. After availing the loan from bank, he purchased the car and got hypothecated in the name of the bank. He also got recorded the charge of hypothecation of Punjab Gramin Bank in the records of registering authorities/RTA, Mohali, as per bank norms and submitted copy of registration certificate of the car showing the hypothecation of Punjab Gramin Bank duly issued by registering authorities with the bank.
Due to non-receipt of bank recovery due in September 2024, bank officials initiated a probe.
“The connivance of RTA officials, SAS Nagar, cannot be ruled out in this case who terminated the hypothecation of charge of bank without verifying the NOC and other documents submitted by Manjit Singh from the bank. The accused have submitted a forged NOC, which was never been issued by the bank, and he also put the forged seal and signatures of the official of the bank over the form pertaining to termination of agreement of hypothecation, the branch manager stated in the FIR.
The bank found that the accused further sold the car to the third party, Karamjeet Singh of Machhiwara, and misappropriated the security of the bank.
The Balongi police have booked the accused under sections 406, 420, 465, 467, 468 and 471 of the IPC.
