EOW arrests man in Rs 3 crore property loan fraud case against a non-banking financial company

The Economic Offences Wing (EOW) of Delhi Police has arrested a 59-year-old man for allegedly conspiring to fraudulently obtain a property loan of approximately Rs 3 crore from non-banking financial company (NBFC) Protium Finance Ltd using forged documents, impersonation and shell companies, police said.

The Economic Offences Wing (EOW) of Delhi Police has arrested a 59-year-old man for allegedly conspiring to fraudulently obtain a property loan of approximately Rs 3 crore from non-banking financial company (NBFC) Protium Finance Ltd using forged documents, impersonation and shell companies, police said. The accused, identified as Maneesh Kumar, a resident of Laxmi Nagar, was arrested from his office on July 14 in connection with a case registered under sections 419, 420, 467, 468, 471 and 120-B of the Indian Penal Code at EOW police station, New Delhi.

According to police, the case was registered on the complaint of an authorised representative of Protium Finance Ltd, alleging that a housing loan of around Rs 3 crore was fraudulently obtained for the purchase of a property in D-Block, Anand Vihar, Delhi. Investigation revealed that a sale deed dated November 9, 2022, was allegedly executed using forged documents by an impersonator who posed as the genuine owner of the property. The impersonator, who is now deceased, allegedly executed two fraudulent sale deeds for the same property within 25 days, enabling the accused persons to secure loans from financial institutions.

Police said Kumar allegedly projected himself as a bona fide purchaser but was found to be an active conspirator in the fraud. The accused persons allegedly used forged title documents and impersonation to obtain the loan and created shell companies and firms to siphon off the loan proceeds. The investigation further revealed that another deceased woman was falsely shown as Kumar's spouse and co-applicant in the loan documents, while his actual wife is a different person, police said.

A dedicated team comprising Sub-Inspectors Pankaj Parashar and Ajay Swami and Constable Deepak, under the supervision of ACP Shachinder Mohan, was formed to apprehend the accused. Police said that through field intelligence and technical surveillance, it was found that Kumar had been frequently changing his residence to evade arrest. He was eventually traced to a rented accommodation in Laxmi Nagar and arrested.

Kumar, who is the proprietor of M/s Global Trading Company, allegedly created fictitious firms, including M/s Global Finance Ltd and M/s Bankey Bihari Enterprises, to fraudulently obtain the loan from Protium Finance Ltd using forged documents, police said. Multiple mobile phones, SIM cards, digital signature certificates, cheque books of various banks, point-of-sale (POS) machines and other incriminating documents were recovered from his possession, police added.

The accused is a graduate and was working as a financier and loan facilitator in East Delhi, according to police. Further investigation is underway to identify the involvement of other accused persons and trace the proceeds of the alleged crime.

Police have advised property owners to regularly check and visit their properties, especially those that remain vacant for long periods. Financial institutions have also been advised to conduct due diligence while disbursing property-backed loans. Citizens have been urged to verify all details related to persons and properties before making payments for immovable property purchases. (ANI)