Another PNB fraud exposed: Official held, fraudsters get Rs 7.5 crore for 'free'! Shocking details here
Getting a bank loan is not an easy task for millions of genuine people in many parts of the country. But for the fraudsters, it is apparently getting easy these days.
Getting a bank loan is not an easy task for millions of genuine people in many parts of the country. But for the fraudsters, it is apparently getting easy these days. More so when the bank officials are themselves willing to help for a small cut. Here is the latest example of how conniving bank officials pass loans even to those having fake documents. Incidents like these, however, jolt an honest person's belief in the banking system.
The Economic Offences Wing (EOW) of Delhi Police has arrested four people for running a loan racket. Among the arrested accused is an official of the Punjab National Bank (PNB). During the investigation, the EOW found that the accused, in connivance with the PNB officials, had got a loan of Rs 7.5 crore sanctioned for opening a high-end luxurious bar in Connaught Place, Delhi, reported news agency ANI. The accused had submitted fabricated documents and the collateral offered by them against the loan never existed.
The arrested people in the alleged fraud have been identified as Amarjeet Singh, Ajay Kumar Sharma, Suresh and AGM PK Varun of PNB Brady house Branch, in Mumbai.
The report said that the accused had opened an account at PNB Mayur Vihar, Phase 3 Branch on the basis of fake documents in the name of one 'Sarita' with the help of the then Bank Manager, Sheetal Garg. They first withdrew a loan of Rs 49.9 lakh as cash and used it for setting up a temporary factory at Surajpur, Noida. They did so to get a further loan sanctioned by showing the factory in working condition.
Later, Ajay Kumar Sharma, who has been identified as the alleged main player for facilitating sanctioning of the loan in connivance with accused Amarjeet Singh, opened a shell company having its office at Mumbai. Suresh was shown as one of the Directors of the company and they availed Rs. 5 crore cash credit facility in name of the fake company.
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They transferred this loan amount further into other accounts and siphoned off. ANI reported that the accused also obtained Rs 2 crore overdraft facility from the same bank. This amount was also transferred into another account and misappropriated. The accused had submitted some bogus properties in Delhi as collateral against the loan. Not only this, the accused never visited Mumbai and all formalities of opening of the account and equitable mortgage of property was facilitated in Delhi only by AGM PK Varun.
(With agency inputs)