E-Paper
Ludhiana businessman, kin booked for ₹18 crore bank fraud
According to the complaint, the accused mortgaged three properties with the bank and secured loans amounting to ₹9.55 crore and ₹8.44 crore in the names of their firms.
The Division Number 5 police have booked a city-based businessman and five of his family members for allegedly defrauding a small finance bank of nearly ₹18 crore by mortgaging properties and defaulting on loan repayments.
The FIR was registered following a complaint by Gaurav Gupta, an official of a small finance bank in Ludhiana. The accused have been identified as Ashish Modi of Mullanpur on Jagraon Road, Anubhav Modi and Sarika Modi of Modi Enclave on Barewal Road, Rohini Modi of Rajguru Nagar, and Sahil Modi and Vijay Modi of Gurdev Nagar.
According to the complaint, the accused mortgaged three properties with the bank and secured loans amounting to ₹9.55 crore and ₹8.44 crore in the names of their firms. They allegedly failed to repay the dues, causing a loss of nearly ₹18 crore to the bank. Following preliminary scrutiny of the complaint, senior officers directed the registration of an FIR. Investigating officer ASI Sukhdev Singh said a case has been registered under Sections 316(2) (criminal breach of trust), 318(4) (cheating), and 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita (BNS).
“Further investigation is underway to verify documents and trace financial transactions,” he added.
