Cops nab wanted accused during search for two others
According to police, accused had helped four directors of Seiko Pipe Fittings secure a loan of Rs 2.97 crore by submitting fraudulent letters of credit (LCs).Updated: Apr 04, 2019 07:16 IST
While looking for two accused who jumped bail in a 2012 bank fraud case, officers of the Economic Offences Wing (EOW) recently intercepted another accused wanted in the same case. Akhilesh Pandey, a loan liaisoning agent, was arrested on March 25 by officers of the Banking-1 unit under.
Pandey has been charged with cheating, criminal conspiracy and forgery. He was sent to judicial custody the same day.
According to police, Pandey had helped four directors of Seiko Pipe Fittings secure a loan of ₹2.97 crore by submitting fraudulent letters of credit (LCs).
The Borivli branch of Axis Bank, which had loaned the amount, initiated an inquiry after they defaulted on repayments. A case was filed and the four accused were arrested. Pandey was named as the fifth accused. A couple, from among the four accused, were given bail in 2013. In 2014, the court issued a non bailable warrant (NBW) against the couple after they stopped attending hearings.
Datta Pable, senior inspector of Banking unit 1, said, “While trying to track the two accused, we were questioning a person who knew the couple and took a chance and asked him about Pandey too. He provided useful information, which we used to track down Pandey and arrest him.”
“Initially, Pandey denied that he played a role in the loan fraud and said he is a TV serial producer. However, after being confronted with evidence, he admitted to his role in the fraud,” said assistant inspector Mahesh Tambe.