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Delhi: Ex-bank manager held on cheating charges

| Friday | 12th April, 2019

“They mortgaged the deeds and procured cash limit of Rs 3 crore for the factory. We had earlier arrested one of the beneficiaries…”A senior police officer said Upadhaya was chargesheeted by the CBI in three similar cases, where he had sanctioned credit cash limit allegedly after accepting bribes. Police also found that Upadhaya ignored the applicant’s credit rating, which was very bad, while sanctioning the loan. They had submitted a forged NOC letter of a private bank at the time of procuring credit cash limit and the amount was later transferred into the account of some builders,” said a senior officer. He was produced before a Delhi court and sent to one-day police custody.

The Economic Offences Wing (EOW) of Delhi Police Thursday arrested a 60-year-old former chief manager of Punjab National Bank for allegedly sanctioning a loan of Rs 3 crore to a couple in lieu of mortgaged property worth around Rs 1 crore. He was produced before a Delhi court and sent to one-day police custody. Advertising Additional CP (EOW) Suvashish Choudhary said, “We have arrested S K Upadhaya. We had earlier arrested one of the beneficiaries…” A senior police officer said Upadhaya was chargesheeted by the CBI in three similar cases, where he had sanctioned credit cash limit allegedly after accepting bribes. “His arrest comes after chief manager of PNB (Najafgarh branch), G L Arora, lodged a complaint with the EOW in 2016, following a financial audit,” a police officer said. In the complaint, Arora alleged that a man, who claimed to be the proprietor of a steel factory, requested credit cash limit of Rs 3 crore from the bank for manufacturing shearing machines and fabrication work. “He, along with his wife, showed their two properties and two deeds to them. Their loan was sanctioned,” he said in the complaint. Advertising When Arora took charge, he ordered an internal probe. Upon visiting the man’s business site, bank officials found that the operation was run by his elder brother on a very small scale. “We found that only one room, with some open space, was taken on rent. No business activity was going on. There was no stock or machinery at the site,” he alleged. Police found that the couple had taken a loan of Rs 1 crore in 2012 after buying a flat in Rajouri Garden and made two separate deeds for the property. “They mortgaged the deeds and procured cash limit of Rs 3 crore for the factory. They had submitted a forged NOC letter of a private bank at the time of procuring credit cash limit and the amount was later transferred into the account of some builders,” said a senior officer. Police also found that Upadhaya ignored the applicant’s credit rating, which was very bad, while sanctioning the loan.

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