39-year-old Delhi Businessman Arrested for Cheating Bank of Rs 30 Crore

New Delhi: Delhi police have arrested a 39-year-old businessman for cheating a nationalised bank of about Rs 30 crore by using forged property ownership documents to obtain bank loan, the police said on Tuesday.

The accused identified as Sidharth Jain, a resident of Shalimar Bagh, was involved in the supply of metal to BALCO and some other private operators. He was arrested on Monday evening.

"In 2016, a 77-year-old retired colonel, Love Kumar Ojha, had alleged that some land grabbers had dispossessed him of his plot in Co-operative House Building Society Ltd at Saraswati Vihar. Later, another case was registered after it was found that the original file pertaining to the plot was missing/removed from the office of DDA," said Rajiv Ranjan, additional commissioner of police (Crime).

Later in March 2019, investigation of both the cases was taken up by the Crime Branch. It was found that Jain managed to show himself as the owner of the plot in Co-operative House Building Society Ltd at Saraswati Vihar and had obtained credit facility of Rs 7 crore from a nationalized bank.

"During investigation, Jain had managed to get a credit limit of Rs 6 crore from the bank against a property at Rohit Kunj in Pitampura, Delhi, as well. It was found that both the sale deeds presented to the bank were never registered and in fact no sale transaction ever took place," said Ranjan.

He had also managed to obtain credit limit of another Rs 11 crore on a property in Model Town, Delhi. So far, he has to pay about Rs 30 crore to the nationalized bank, which he has no intention to ever repay, police said.

"In all the above instances, Jain has submitted forged property ownership documents to the bank and they have failed to verify the property ownership documents submitted by him. We have found that in 2011, he was chargesheeted by the CBI in a similar case of cheating where he stood as aguarantor for a Rs 3 crore bank loan.

"In 2004, he was arrested by Rajouri Garden police station in a cheating case involving Rs 12 lakh," said Ranjan.