A 64-year-old businessman has been arrested for allegedly submitting bogus documents to obtain cash credit from a bank and defaulting on repayment of Rs 2.50 crore.
The arrested accused is Romi Harishchandra Malhotra, proprietor of Malhotra Textiles from Delhi had availed of the loan from Central Bank Of India’s Lamington Road branch, said officials of the Banking unit of Economic Offences Wing who are looking for his accomplices.
Malhotra has been booked for cheating, forgery and criminal conspiracy.
The bank had lodged an FIR against the proprietors of Malhotra Textiles and RD Enterprises and others who stood guarantee for loan.
In 2010, Malhotra Textiles and RD Enterprises submitted property documents to the bank’s Lamington Road branch to obtain cash credit of Rs 1.45 crore and Rs 1.20 crore respectively. A small part of it — about Rs 15 lakh — was repaid initially. Within a few months, the firm defaulted on repayment and its account was eventually classified as a ‘non-performing asset’ (NPA) and its two proprietors went absconding.
Central Bank learnt that the documents that were submitted were forged. “The companies had submitted forged documents and false information about business and the property pledged for the loan. While Malhotra, Rohit Kumar and Anil Kumar were partners of Malhotra Textiles, its loan guarantors were Vishal Bharti, RD Enterprises’gaurantors Ravindra Kumar Chelaram and Dilip Virchand Parmar who conspired to commit a criminal offence by submitting forged documents related to their business, assets and mortgage to the bank.” said a police officer.
A probe revealed that the accused diverted the loan amount to other accounts. The police said that the CBI has booked Malhotra.
Surjitt Sahani
