The Hindu : New Delhi News : Builders, bank official among seven held for cheating

Online edition of India's National Newspaper
Friday, Feb 24, 2006

New Delhi

New Delhi

Builders, bank official among seven held for cheating

Staff Reporter

Accused allegedly availed of loans to construct flats; did not pay instalments

NEW DELHI: Seven persons, including a former manager of a private multinational bank and two builders, have been arrested by the Special Cell of the Delhi police for allegedly cheating the bank of about Rs. 2 crores by availing of loans in the name of constructing flats on four plots in Rohini.

According to the police, the Standard Chartered Bank (SCB) had lodged a complaint with the Special Cell on July 15, 2005, about the alleged fraud as the instalments for loan availed were not being paid.

Following investigations, the police arrested Sanjay Nagpal, former manager with the SCB at its Bahadur Shah Zafar Marg Branch, Naveen Aggarwal and Kapil Dhingra (both builders), Pawan Gupta, Rajesh Bansal, Sushil Kumar and Ajab Singh. The then loan officer from the same Branch, Shashikant, is currently absconding.

The police said Naveen and Kapil had applied in the bank for loan for building 10 flats on four plots in Rohini.

They had induced the maternal uncle of Naveen and some other acquaintances to become the "buyers" of these flats. The builders, who were allegedly working hand-in-gloves with Sanjay Nagpal and Shashikant, produced forged documents like bank statements, sureties and residence proofs in the name of the "buyers".

The "buyers" were allegedly offered a flat and Rs. 3 lakhs in cash by the builders if they became party to the crime.

For their part, Sanjay and Shashikant ensured that other bank officials did not contact the "buyers" for a background check and cleared every document that they knew was forged.

The police said the accused managed to get a loan of Rs. 1.8 crores issued by the SCB. The builders got Rs. 90 lakhs for meeting the cost of property.

Towards furnishing and fittings, they got Rs. 29 lakhs. Another Rs. 59 lakhs was given to the "buyers" for renovation.

The "buyers" themselves got Rs. 2.72 lakhs each.

The remaining amount was returned to the builders through cheques.

During interrogation, the accused also allegedly revealed that Shashikant got Rs. 35 lakhs as his share from the builders.

The police added that at least 11 people, apart from the builders, were involved in the fraud. Efforts are now on to trace Shashikant.

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