New Delhi: Five people have been arrested for swindling a private bank of Rs.33 crore on the pretext of taking loans against spurious gold ornaments, police said on Saturday.
Vijay Manchanda, 55, his 20-year-old son Dushyant Manchanda, Ravinder Kumar, 40, Satrughan Nayak, 32, and Ram Prakash, 31 - all residents of Delhi - were arrested Friday after a complaint was filed against them by Muraleedharan C.M., the deputy general manager of Dhanlaxmi Bank.
During investigation, it came to light that two groups - one led by a man named Somnath Bobal and the other by Vijay Manchanda - were involved in the swindling after they came in contact with the bank for the first time in 2010.
In 2013, Bobal along with his 14 associates availed Rs.21.60 crore in loan in 77 gold loan cases from the bank's branches in Karol Bagh and Connaught Place.
The gold pledged by them turned out to be fake, having negligible net gold content.
Similarly, Vijay Manchanda along with his 16 associates, adopting the same modus operandi and availed gold loans of Rs.11 crore.
"Both the groups in connivance with bank officials along with a bank appraiser, who evaluated the gold content, defrauded the bank to the tune of Rs.33 crore," said Deputy Commissioner of Police (Economic Offences Wing) Mangesh Kashyap.
"The gold loan was availed at 12 percent rate of interest from the bank, and was further lent in the market at 20 to 24 per cent, thus making a huge profit," the official said.
More arrests were likely soon, he said.
Vijay Manchanda, 55, his 20-year-old son Dushyant Manchanda, Ravinder Kumar, 40, Satrughan Nayak, 32, and Ram Prakash, 31 - all residents of Delhi - were arrested Friday after a complaint was filed against them by Muraleedharan C.M., the deputy general manager of Dhanlaxmi Bank.
During investigation, it came to light that two groups - one led by a man named Somnath Bobal and the other by Vijay Manchanda - were involved in the swindling after they came in contact with the bank for the first time in 2010.
The gold pledged by them turned out to be fake, having negligible net gold content.
Advertisement
"Both the groups in connivance with bank officials along with a bank appraiser, who evaluated the gold content, defrauded the bank to the tune of Rs.33 crore," said Deputy Commissioner of Police (Economic Offences Wing) Mangesh Kashyap.
Advertisement
More arrests were likely soon, he said.
COMMENTS
Advertisement
Delhi Man Stabbed 8 Times By Group Of Minors Over Road Rage IAS Officer Dharmendra Appointed Chief Secretary Of Delhi Government Delhi High Court Dismisses Petition Against Nitish Kumar's Election As JDU President INDIA's "Hit With Footwear" Protest In Mumbai Over Shivaji Statue Collapse Celebrated "Russian Spy" Whale Hvaldimir Found Dead In Norway: Report "It's Mom, I Love You": Mother Of Israeli-American Found Dead In Gaza "Time This War Ended": Biden After Bodies Of 6 Hostages Found In Gaza Rain Fury Kills 10 In Andhra Pradesh, Several Districts Flooded Far-Right Could Win In Germany State Polls For The First Time Track Latest News Live on NDTV.com and get news updates from India and around the world.