A 39-year-old businessman was arrested for availing loans worth Rs 30 crore from a nationalised bank after allegedly producing forged documents, police said on Tuesday.
Sidharth Jain, the suspect, a resident of Shalimar Bagh, deals in supplying metals to BALCO and some other private operators, they said.
According to the police, in 2011 Sidharth Jain was charged by the Central Bureau of Investigation in a similar case of cheating where he stood as "guarantor" for a Rs 3-crore bank loan.
In 2004, Sidharth Jain was arrested by Rajouri Garden Police Station in a cheating case of Rs 12 lakh.
Police said Retired Colonel Love Kumar Ojha, 77, alleged some land grabbers had dispossessed him of his plot in Co-operative House Building Society Ltd in Saraswati Vihar in Delhi.
Later, another case was filed after the police found the original file pertaining to the plot was allegedly missing from the office of the Delhi Development Authority, they added.
Investigation revealed that Jain had obtained credit of Rs 7 crore from a nationalised bank with forged documents claiming him to be the owner of the alleged plot in Co-operative House Building Society Ltd in Saraswati Vihar area, Additional Commissioner of Police (crime), Rajiv Ranjan said.
In another case, he managed to get credit limit of Rs 6 crore from the same bank against a property at Rohit Kunj in Pitampura.
He also managed to obtain credit of another Rs 11 crore on a property in Model Town, the senior officer said.
In total, he is supposed to pay about Rs 30 crore to the nationalised bank, police said.
The sale deeds presented to the bank were never registered and no sale transactions ever took place. All documents were forged and the bank also failed to verify any document before accepting them as collateral security and extending credit facility to the suspect, the officer added.
The role of bank officials in the alleged loan fraud is being examined, police said, adding the associates of the suspect in the fraud are also being identified and will be booked accordingly.
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