Three held for Rs 4 cr loan fraud using forged property documents

New Delhi: The Economic Offences Wing (EOW) of the Delhi Police has arrested three individuals for allegedly duping the State Bank of India (SBI) of Rs 4 crore by using forged documents of a residential property in Dwarka.

According to officials, the accused fabricated ownership papers and fake identity documents to fraudulently obtain a Cash Credit (CC) limit from SBI’s MG Road branch in Gurugram, causing a significant financial loss to the bank. The racket was uncovered after a Dwarka resident filed a complaint stating that his property documents from Sector 12, along with his PAN and Aadhaar, had been forged and misused.

Police said an impersonator, Sandeep Singh, was added as Director of Zukito International Pvt. Ltd. using falsified credentials. Along with co-directors Jatin Prasad and Kamlesh Prasad, he approached the bank to secure the CC limit. The complainant was unaware of the loan until he was alerted about the fraudulent activity.

The EOW identified the arrested men as Jatin Prasad, Director of Zukito International, Rajender Kumar alias Raja, and Sandeep Singh, who impersonated the complainant. Rajender, who has four previous criminal cases of robbery and theft, allegedly procured the forged documents and arranged the impersonation. Police said the trio paid around Rs 60 lakh in commissions to accomplices who facilitated the fraud.

Investigators found that the accused first traced details of a genuine property through publicly available sources, fabricated ownership and identity documents, and then used them as collateral to obtain the loan. The funds were subsequently diverted into personal and shell accounts, and the borrowers intentionally defaulted.

A special team led by ACP Virender Kadyan conducted extensive technical surveillance and field operations in Kaithal and Hisar, leading to the swift arrest of the accused. Further investigation is underway to trace additional beneficiaries and the money trail.