Three men held for cheating 19 banks
Three men were arrested for allegedly having cheated as many as 19 banks, possibly to the tune of several crores, on the pretext of getting commercial credit and loans sanctioned against fake property documents in northwest Delhi, the police said on Monday.Updated: Jun 04, 2013, 00:26 IST
Three men were arrested for allegedly having cheated as many as 19 banks, possibly to the tune of several crores, on the pretext of getting commercial credit and loans sanctioned against fake property documents in northwest Delhi, the police said on Monday.
Identified as Anoop Kumar Gupta, 35, Pradeep Upadhyay, 32 and Vijay Bhushan Rustogi, 52, the trio were operating 16 fictitious firms and had developed a scheme of channelizing the funds extracted from their fraud to build non-existent revenue and seek more credit in their name, said P Karunakaran, DCP (northwest).
“A complaint was received from one of the banks regarding cheating and forgery by Gupta, who had approached the bank for sanction of a cash credit loan for his firm Sonal Traders against equitable mortgage of a property located in Pitampura’s Sainik Vihar,” said DCP Karunakaran. Gupta, the police were told, had deposited seemingly original title deeds with the bank besides having completed other formalities. A cash credit limit amounting to R2.55 crore had been fixed.
However, verifying the charge of equitable mortgage with CREDAI revealed that the same property was already mortgaged by one of Gupta’s other companies with another bank.“Later, it was learnt that the same property is mortgaged with another bank which had paid an outstanding balance of R91 lakh to Gupta. This meant that Gupta and his associates had created more than one copy of the original title deed of the said property and was misusing these for fraudulent gain,” DCP Karunakaran said.
Further investigation, the police claimed, revealed that Gupta and Rustogi had opened and operated a multitude of current accounts as proprietors of at least 16 sham firms with no underlying business in various banks with the sole purpose of only depositing large amounts and then withdrawing the same from other bank accounts.
These sums, police said, were borrowed from one firm with the borrowed amount being transferred to another project with a large working turnover in their accounts.The trio have been arrested and R1.26 crore recovered from them.