EOW books 3 for Rs 23 cr siphoning after Hinduja Leyland Finance plaint

new delhi: The Economic and Offences Wing of Delhi Police on Friday arrested a 34-year-old man allegedly involved in the disbursement of fake loans and accused of siphoning off more than Rs 23 crores, based on a complaint from Hinduja Leyland Finance Limited.

Police have identified the accused as Amrit Maan who has a postgraduate degree in Business Administration. He initially worked as a loan agent in private banks and after gaining experience in facilitating loans at banks, he started his own firm under "Fundwizz" for facilitating credit facilities. He had tie-ups with several NBFCs and posed as a business facilitator with full knowledge of the internal systems and loopholes of the credit

system.

Joint Commissioner of Police (EOW), OP Mishra said that Hinduja Leyland Finance Ltd. filed a complaint with the EOW that Amrit Mann (direct sales agent), Nilanjan Majmudar (sales manager) and Nitesh Kumar (reporting manager) had conspired with each other to source loans based on forged property documents and misappropriated loan amounts worth Rs 23

crore.

To date, six loans were obtained by mortgaging seven properties.

"As there were regular defaults in repayment of these loans, the site visit was conducted, wherein it was revealed that the address as well as particulars of borrowers are false and manipulated," the Joint CP said. Later during the investigation, Maan was

arrested.

As per one probe official, during the investigation, it was revealed that Maan and other officials of the complainant company were supposed to source genuine proposals of applicants seeking loans against properties from Hinduja Finance.

"But misusing their official position, they obtained loans based on fake property documents. It also emerged during investigation that in some cases, property owners were also impersonated," the complaint

alleged.