Following a tip off, a team was sent to Rewari and the man was arrested (Representational)
A 51-year-old businessman was arrested for allegedly taking bank loans worth crores of rupees on the basis of forged documents and not repaying them, officials said on Wednesday.
Surender Yadav, a resident of Rewari in Haryana, was arrested by the Delhi Police's Crime Branch and a reward of Rs 25,000 was announced on information leading to his arrest, they said.
In 2016, a case of cheating was registered against him by the police's Economic Offences Wing and he was declared a proclaimed offender.
Following a tip off, a team was sent to Rewari and he was arrested on February 28, Deputy Commissioner of Police (Crime) Rajesh Deo said.
In 2010, Mr Yadav and his wife had approached a public sector bank's branch in Chandni Chowk for credit facilities for their business and introduced themselves as proprietors of a company, officials said.
Their loan proposal was scrutinised and credit facilities, totalling Rs 24 crore, were sanctioned. They availed the limit, but never repaid the loan, the officials said.
When the bank reexamined property documents submitted by them for mortgage, they found out that they had shown properties that were mortgaged to other banks, with one of them being disputed, they said.
"During interrogation, Yadav told police that in 2004, he started importing electrical items from China for his firm. The business was going well, and for its expansion, he secured a loan from a bank after mortgaging his property. Later on, he approached a public sector bank, as it offered more credit facilities," Deo said.
"He also mortgaged his friend's property for the same, but the public sector bank did not disburse the credit limit as required. Thereafter, he got his property documents released from the public sector bank and fraudulently mortgaged the same with another bank," he said.
In 2014-2015, he incurred huge losses in his business and could not repay the bank loans and money taken from other persons, the DCP said.
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