New Delhi:
Three persons were arrested for allegedly duping 19 banks of Rs 20 crore by submitting forged documents of the same property for sanction of loans to their fictitious firms, police said on Monday.
The fraud came to light after a Deputy General Manager of Bank of Maharashtra, where accused Anoop Kumar Gupta along with Jagmohan Mittal approached for cash credit loan, found that the property at Pitam Pura was already mortgaged with two other banks.
Gupta had approached the Bank of Maharashtra at Pitam Pura for sanction of cash credit loan in his firm against equitable mortgage of the property and deposited "seemingly original" title deeds with the bank, DCP (North West District) P Karunakaran said.
"On physical verification of the property's title deeds with Bank of Baroda, it was found that they were having original papers of the same property with same date, registration number, volume no, page no and even the serial numbers of the stamp papers were same," the DCP said.
During the probe, it was found that the duo had acted in conspiracy with Pradeep and Vijay to carry out their illegal activities.
Giving details of modus operandi, police said Pradeep and Vijay had opened several current accounts as proprietors of fictitious firms with the sole purpose of depositing large amounts.
These large amounts were then borrowed from Mittal and Gupta into the accounts of fictitious firms and then deposited into another accounts.
"These false turnovers accrued in the accounts of firms of Mittal and Anoop, and further used as an inducement to the banks to raise cash credit facilities in many other banks.
"It was revealed that accused Pradeep and Vijay were and continued to be part of an ongoing conspiracy to defraud banks by falsifying bank cash credit audit procedures...," he said, adding that they had taken loans for 16 such fictitious firms.