Pvt firm general mgr arrested for involvement in ₹11.25 crore loan fraud

Chandra and the other officials had started collecting three to four EMIs in advance from the customers. Besides, they used to contact them and allure for pre-closure of loan by offering a discount,” said police.

A 32-year-old man was arrested from the city on Friday for his alleged involvement in ₹11.25 crore loan fraud with a non-banking financial firm (NBFC) and hundreds of its customers that had borrowed money from it, police said on Saturday.

The suspect, Satish Chandra. (HT)

The suspect was identified as Satish Chandra, an MBA graduate originally from Narayana village in Prayagraj, Uttar Pradesh. Police said he worked as a general manager of a private firm in the city for the last two years.

Sandeep Turan, public relations officer of Gurugram police, said that Chandra’s firm was handing the responsibility of searching customers for loan, collecting equated monthly installment from them and other documentation works for the NBFC that ran from an office inside the Millennium City Centre Metro station.

“Chandra and the other officials had started collecting three to four EMIs in advance from the customers. Besides, they used to contact them and allure for pre-closure of loan by offering a discount,” he said.

Turan said that when any customer paid them the discounted loan amount for pre-closure, Chandra and his associates used to transfer the money in their personal bank accounts.

“In addition, they used to issue them a forged no-objection certificate on behalf of the NBFC to the customer for loan-closure which used to be actually pending as per the records with the financing firm,” he said.

As per the investigation by the Gurugram police’s economic offences wing, with this modus operandi, Chandra and the other officials processed ₹19.4 crore loan to 588 customers and in the course of recovery, siphoned ₹11.25 crore and transferred only ₹8.15 crore to the parent financing firm and thus cheated the firm as well as the consumers.

Police said Chandra was taken on two-day police remand for interrogation after production before a city court on Saturday. Investigators said that several other officials of Chandra’s firm were involved in the fraud who were yet to be arrested.

On complaint of the financing firm, an FIR for cheating and forgery was registered against the private firm, Chandra and the other officials at Metro police station on July 18.