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Rs 5-crore loan fraudster held on way to court hearing

delhi Updated: Jun 02, 2016 10:29 IST

NEW DELHI: A 45-year-old man, wanted in a Rs 1-crore loan cheating case by Delhi Police, was arrested from outside the Tis Hazari court on Wednesday where he was going to attend a hearing in another case of cheating against him.

The police was chasing Ram Narain since 2010 when a complaint was registered against him at Ashok Vihar. He had duped one Rakesh Bansal by taking a loan of Rs 1 crore from a nationalised bank by forging papers of Bansal’s property. Narain stayed at Bansal’s house as a tenant.

The police came to know that it was not the only case of loan fraud against Narain.

Narain had been arrested by the CBI in 2012 following complaints by several banks. The con had duped the banks of Rs 4 crore by taking loans on forged papers, said Vijay Singh, deputy commissioner of police (northwest). He was going to attend the hearing in one of these cases when he was caught.

Bansal had registered a complaint against Narain on July 29, 2010. Bansal, who then lived in Punjabi Bagh, has a property in Ashok Vihar. Narain used to live there as a tenant with another person. “Bansal had rented out the property to one Sandeep Aggarwal through registered rent agreement. Narain also stayed with Aggarwal,” said Singh. He also said that Aggarwal helped Bansal in the fraud.

“Narain used to claim that he had a shop in Chandni Chowk and maintained a current account in the name of his shop at a nearby bank. Narain forged the papers of Bansal’s property and applied for an overdraft of Rs 1 crore in 2006-07. He submitted the forged property papers as mortgage. As soon as the loan was approved and the money was transferred into the account, Narain went untraceable,” DCP Singh said.

“We caught Narain from outside Tis Hazari court following information that he was going to visit the court in one of the cases of fraud and cheating registered against him. He told the police that they took help of Dori Lal, a document writer at Pitampura sub-registrar office, to prepare forged property papers. Dori Lal died soon after Narain was arrested by the CBI in 2012. Narain claims that Dori Lal’s death certificate is placed in the CBI’s record,” said Singh.

A native of Budaun in Uttar Pradesh, Narain came to Delhi in 1993 and took up the job of an agent selling credit cards. He later met Aggarwal and the two started cheating banks by obtaining loans on forged property papers, said an investigating officer.

First Published: Jun 02, 2016 10:29 IST