Delhi trader held for cheating bank of ₹30 crore

The businessman was previously arrested in two cheating cases, first by Delhi Police in 2004 in a ₹12 lakh fraud case and again in 2011 by the Central Bureau of Investigation (CBI) for being a “guarantor” for a R3-crore bank loan, police said.

A 39-year-old metal trader was arrested for allegedly cheating a nationalised bank of around R30 crore by obtaining bank loans using forged property documents, police said on Tuesday.

In March 2019, the additional CP said, the crime branch took up the investigation of the two cases and it was learnt that Sidharth Jain had obtained R7 crore loan from a nationalised bank by impersonating himself as the owner of the property. (HT Photo)

The businessman was previously arrested in two cheating cases, first by Delhi Police in 2004 in a ₹12 lakh fraud case and again in 2011 by the Central Bureau of Investigation (CBI) for being a “guarantor” for a R3-crore bank loan, police said.

Additional commissioner of police (crime) Rajiv Ranjan said the businessman, Sidharth Jain, was arrested following investigation into two cases – first of property grabbing and cheating filed by a 77-year-old retired colonel and another pertaining to theft of the original file pertaining to the colonel’s property from the office of Delhi Development Authority in 2016.

In March 2019, the additional CP said, the crime branch took up the investigation of the two cases and it was learnt that Sidharth Jain had obtained R7 crore loan from a nationalised bank by impersonating himself as the owner of the property. Jain allegedly submitted forged property papers for the loan.

“Jain managed to get a credit limit of R6 crore from the bank by submitting forged documents of another property in Pitampura. He also managed to obtain credit limit of another R11 crore against a property in Model Town. As on date, Jain has duped the bank of around R30 crore,” said Ranjan, adding Jain supplies metal to various private companies.