The Economic Offences Wing (EOW) Unit of the Delhi Police has cracked down on a massive loan scam that involved ICICI Bank by arresting two accused, police said on Sunday.

The two accused were identified as Rishi Chhabra, a private Direct Selling Agent (DSA), and Himanshu Rastogi, a Chartered Accountant.

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According to Deputy Commissioner of Police Amrutha Guguloth, a complaint was registered by ICICI Bank’s authorized representative, Vivek Singh, that the bank was scammed of Rs 9 crore.

Acting upon the information received, an investigation was initiated by the team, which revealed that the accused used fabricated documents, including GST returns and bank account statements, to secure loans from the bank.

While the preliminary investigation was conducted into this case, it came out that Anshul Ahuja, who was a former credit manager at ICICI Bank, was arrested in connection with the case last year. It was alleged that Ahuja received leads from Rastogi and helped sanction loans to ineligible customers.

The senior police officer said that it was disclosed that the two, Chhabra and Rastogi, would then take huge commissions from the disbursed amounts and share them with Ahuja.

Furthermore, the bank had discovered discrepancies in 72 loan cases, including forged documents and non-payment of EMIs, leading to the loans being declared Non-Performing Assets (NPAs).

Moreover, the two arrested individuals were granted anticipatory bail by the Delhi High Court after their arrest on Friday.

However, a case has been registered against the two, and further investigation into this matter is underway by the police team.