The Economic Offences Wing of Delhi Police has arrested two persons for inducing financial institutions and banks by way of availing home loans from them by multi-mortgaging the same property and misappropriating the funds, an official said on Saturday.
Amarjeet Singh (38) and Om Parkash Singh (39), the accused, defrauded financial institutions to the tune of Rs 2 crore.
According to Joint Commissioner of Police (Economic Offenses Wing) Chhaya Sharma, a case was opened after Edelweiss Housing Finance Ltd filed a complaint.
According to the complaint, the complainant company gave the accused Om Parkash Singh a loan of Rs 2,00,50,000 as a borrower. The borrower and co-borrower allegedly paid the monthly instalment amount according to the agreed-upon repayment plan at first.
However, the accused individuals eventually stopped making monthly loan payments. When firm representatives went to inspect the mortgaged property, they discovered that it was in the actual possession of the Punjab National Bank under the SARFAESI Act, and that it was mortgaged with the PNB Housing Bank.
As a result, the police filed a report under the relevant parts of the law and began an investigation.
During the course of the inquiry, it was discovered that the accused person cheated by changing the sale-deed into the names of his relatives and then getting housing loans by multi-mortgaging the property with various financial institutions/banks.
The police obtained information about the accused duo’s whereabouts and detained both of them — Amarjeet Singh on June 1 and Om Prakash on June 2 — after receiving a tip.
(with inputs from IANS)