Bank cheated of Rs 33 cr by gold loan swindlers, five arrested
3 Nov 2014 4:00 AM IST
Not only that, the loans that the accused syndicate took at the rate of 12 percent interest was
allegedly further advanced illegally in the open market at 20 percent to 25 percent rate of interest.
The whole plot was carried out in connivance with bank officials and appraisers, said a police official.
The five accused were identified as Vijay Manchanda (55), Dushyant Manchanda (20), Shatrughan
Nayak (32), Ravinder Kumar (40) and Ram Prakash (31). Vijay Manchanda is an exporter of jewellery boxes and his son Dushyant assists him in the business. While Satrughan and Ravinder are his employees, his friend Ram Prakash has a shop of car accessories in Karol Bagh.
According to the police, the matter came into light when a senior officer of the aggrieved bank lodged two FIRs against one Somnath Bobal and Vijay, along with their associates, for cheating the bank with fake gold deposits and acquiring loans worth Rs 21.60 crore and Rs 11 crore respectively.
‘On further investigation, it emerged that the syndicate was divided in two groups – one led by Manchanda and the other by Bobal – and they used to transfer the individual shares immediately into their respective accounts maintained with the same bank.
They also made sure that the money was withdrawn immediately and lent out to others in the market at almost double the rate in which they had acquired the loans,’ said Mangesh Kashyap, Deputy Commissioner of Police (Economic Offences Wing).
He further added that the accused are being interrogated about the whereabouts of Bobal and the other associates. Police is also looking after an insider’s role, which has certainly taken place in this case.
All accused in this case have been booked under Section 420 (cheating) and other relevant sections of the IPC. The five of them (arrested) were also produced at the Tis Hazari Court on Saturday afternoon.
allegedly further advanced illegally in the open market at 20 percent to 25 percent rate of interest.
The whole plot was carried out in connivance with bank officials and appraisers, said a police official.
The five accused were identified as Vijay Manchanda (55), Dushyant Manchanda (20), Shatrughan
Nayak (32), Ravinder Kumar (40) and Ram Prakash (31). Vijay Manchanda is an exporter of jewellery boxes and his son Dushyant assists him in the business. While Satrughan and Ravinder are his employees, his friend Ram Prakash has a shop of car accessories in Karol Bagh.
According to the police, the matter came into light when a senior officer of the aggrieved bank lodged two FIRs against one Somnath Bobal and Vijay, along with their associates, for cheating the bank with fake gold deposits and acquiring loans worth Rs 21.60 crore and Rs 11 crore respectively.
‘On further investigation, it emerged that the syndicate was divided in two groups – one led by Manchanda and the other by Bobal – and they used to transfer the individual shares immediately into their respective accounts maintained with the same bank.
They also made sure that the money was withdrawn immediately and lent out to others in the market at almost double the rate in which they had acquired the loans,’ said Mangesh Kashyap, Deputy Commissioner of Police (Economic Offences Wing).
He further added that the accused are being interrogated about the whereabouts of Bobal and the other associates. Police is also looking after an insider’s role, which has certainly taken place in this case.
All accused in this case have been booked under Section 420 (cheating) and other relevant sections of the IPC. The five of them (arrested) were also produced at the Tis Hazari Court on Saturday afternoon.
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