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Ludhiana: Loan defaulter arrested for illegally entering property
The police said the accused had taken a loan from the bank but failed to repay it, leading to the bank seizing the property. According to the manager’s complaint, despite the seizure, Sant Prasad, along with his family members, broke the bank lock on June 3 and illegally entered the house.
The Division Number 4 police arrested a man for illegally breaking open the seal and entering a property that had been seized due to loan default. The accused, identified as Sant Prasad, a resident of Shankarpuri, was booked based on a complaint lodged by Satyajit Roy, manager of a private bank.
The police said the accused had taken a loan from the bank but failed to repay it, leading to the bank seizing the property. According to the manager’s complaint, despite the seizure, Sant Prasad, along with his family members, broke the bank lock on June 3 and illegally entered the house.
ASI Kulbir Singh, who is investigating the case, said that a case has been registered against the accused under sections 448, and 427 of the IPC and section 29 of The Securitization and Reconstruction of financial assets and enforcement of security interest Act, 2002 (SARFAESI Act). He has been taken into custody.
