Delhi News

In loan fraud worth over Rs 1 crore, FIR filed against 7

A first information report (FIR) has been filed after a complaint by the Punjab & Sind Bank against seven persons in an alleged fraud. The accused, including two loan agents, were linked to a loan fraud of Rs 1.32 crore, officials said.

Raghav Ranjan, senior branch manager, Punjab and Sind Bank, Prabhadevi, filed the complaint. The accused have been identified by the Dadar Police as Rani Durairaj, Sonali Borse, Vaishali Shigvan, Manish Jaiswal, Deepak Dani, Ranjeet Prasad, and Prakash Bet.

Durairaj and Borse, the two loan agents, had gained trust at the bank’s branch for bringing customers over the years, police said.

Between April and August 2022, the two loan agents allegedly helped the other accused avail term loans worth a total of Rs 1.32 crore from the bank by mortgaging LIC policies.

As the repayment of these loans was not received by the bank after the initial few EMIs, the bank conducted an internal inquiry. It was found the LIC policy documents mortgaged against the loans were fake, the police said.

“As per the probe, the two accused women accepted loan repayment EMIs from the loanees, deposited only a few EMIs, and kept the rest of the money with them, thus defrauding the bank,” an officer said.

The two loan agents and five others have been booked under sections 406 (criminal breach of trust), 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), 471 (using as genuine a forged document), and 34 (common intention) of the Indian Penal Code.

Police are trying to locate the accused. Officials are also checking if they are involved in similar offences.

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