(MOREPIC1)New Delhi (Face2News)
Economic Offences Wing, Delhi Police arrested one cheat namely Harjit Singh S/o S. Joginder Singh R/o Tagore Park, Delhi-110009 (Age 67 yrs.) in Case FIR No. 70/17, PS EOW.
Police said, complainant and accused persons are real brother and were directors in the accused company M/s Libra Finance and M/s Libra Leasing. In 1992, the accused company had obtained CC Limit of Rs 80 Lakhs by pledging 5 properties jointly owned by all three brothers and their wives. The said CC limit was extended from 80 Lakhs to 2 crores in 2005. Which was further extended to Rs 5.5 Cr for each company in 2008 and later, to Rs 10 Cr for each company in 2010.
However, the complainants had already resigned from the directorship of the accused company in 2005 & 2006. The signatures of complainants were found to be forged on loan documents so that the CC Limit can be increased on the jointly owned properties. The loan account turned NPA in 2014 and the bank initiated the SARFAESIAct proceedings against the accused company and started auctioning properties jointly owned by all three brothers.
In 2015, complainants came to know about the bank loans and filed complaint before Ludhiana police. During enquiry, the loan documents were sent to FSL Punjab and the opinion obtained regarding forgery of loan documents. After that a case was registered in PS Sarabha Nagar and later on transferred to EOW.
A case vide F.I.R No. 70/17 U/s 177/420/465/467/468/471/120B IPC was registered and investigation was taken up. During investigation, it was revealed that the accused Harjit Singh in conspiracy with bank officials and other co-accused had forged the loan documents of Punjab and Sind Bank and obtained the cash credit limit of Rs 5.75 Crores for two companies namely M/s Libra Finance and M/s Libra Leasing in 2006.
It may not be out of place to mention here that the complainants have already resigned from the companies and they were not informed about the said loan. However, the accused Harjit Singh had pledged the joint properties (belonging to complainants and accused) before the bank to obtain the cash credit limit. The CC limit was further extended to Rs 10 crores each for both the companies in 2010. The entire CC limit was misappropriated by accused Harjit Singh in conspiracy with other co-accused persons. After a long chase, the accused Harjit Singh was finally apprehended from his house in Tagore Park and later on arrested in the present case.
MODUS OPERANDI
(SUBHEAD)(MOREPIC2) Ms.Chhaya Sharma, IPS,Joint Commissioner of Police, Economic Offences Wing,said, thee accused Harjit Singh in conspiracy with other co-accused obtained the Cash Credit Limit from the bank for their business on the joint properties owned by complainants as well as alleged. The entire CC limit was used in the business and gradually accused Harjit Singh started defaulting in the repayments and as a result the account of the accused turned NPA, which resulted in auctioning of the properties of the complainant in view of SARFAESI proceedings.
Keeping in view of the severity of the matter, a team of SI KishanVir Singh, ASI Shedu and Ct. Kuldeep was constituted under the supervision of ACP, Sh. Virender Singh Sajwan and overall supervision of Sh. Ravi Kumar Singh, DCP/EOW to trace the accused Harjit Singh. The accused used to change his telephone numbers constantly and was on the run. The dedicated efforts of the team finally led them to the hideout of the accused in Tagore Park, Delhi. An alert technical Surveillance and local enquiry on ground helped to nab the accused.
Accused was arrested and he was taken into police custody in order to unearth the entire conspiracy. Further investigation is in progress.