Govt bank alleges ₹69-cr loan fraud, 3 Ludhiana bizmen booked

According to the complaint, Dharampal Jain and Jainender Jain, partners in Shree Vallabh Exports and Shree Vallabh Overseas, and Anju Jain, proprietor of A and J Impex, had availed various credit facilities from the bank. The bank alleged that the accused committed cheating, criminal breach of trust and other financial irregularities, resulting in a loss of ₹68.91 crore as of March 31, 2026, excluding further interest

Three city-based businessmen have been booked by the Division No. 2 police for allegedly defrauding Indian Bank of ₹68.91 crore. The FIR also names two unidentified private individuals and two unidentified public servants for their alleged involvement in the case.

The FIR also names two unidentified private individuals and two unidentified public servants for their alleged involvement in the case. (HT FILE)

The accused have been identified as Dharampal Jain, Jainender Jain and Anju Jain. The complaint was lodged by Sandeep Rathi, chief manager of Indian Bank’s stressed assets management vertical branch in Chandigarh.

According to the complaint, Dharampal Jain and Jainender Jain, partners in Shree Vallabh Exports and Shree Vallabh Overseas, and Anju Jain, proprietor of A and J Impex, had availed various credit facilities from the bank. The bank alleged that the accused committed cheating, criminal breach of trust and other financial irregularities, resulting in a loss of ₹68.91 crore as of March 31, 2026, excluding further interest.

The complaint further stated that the bank had sold several properties mortgaged by the borrowers during recovery proceedings.

ASI Jasvir Singh, the investigating officer, said the FIR was registered after an inquiry. Police are examining loan documents, financial records and other transactions linked to the accused firms. Further action will be taken based on the investigation, the ASI said.