How a Delhi car washer got a Rs 2.5 cr loan sanctioned for a fake company

New Delhi, Dec 23 ( IANS ) In an intriguing case, three accused — including a former chief manager of a private bank — have been arrested for misappropriation of funds of the Najafgarh branch of Punjab National Bank through a loan fraud.
The accused, a former chief manager, in connivance with the accused borrower and other associates, sanctioned a loan of Rs 2.5 crore to a car washer in the name of Sarki trading company. They used false credentials of the alleged firm, using forged documents.
A complaint was made by officials of the complainant Punjab National Bank alleging that M/s Sarki Trading Company, through proprietor Sunil Sarki, obtained the CC limit of Rs. 2.50 crore in 2013 on the basis of false credentials and documents.
M/s Sarki Trading Company was shown as running a clothes and garments business. To secure the said CC Limit, forged documents of a property were mortgaged with the bank. The addresses of the borrower and the guarantor were not traceable. The said account turned NPA in 2014. A case was registered in 2015 under sections 420/467/468/471/120B IPC at PS Najafgarh and the investigation subsequently transferred to the Economic Offences Wing (EOW) in November, 2018.
“The accused Shailendra Kumar, truck driver Ankit Sangwan and car washer Sunil Sarki were arrested on Tuesday. The role of other accused persons is being probeed,” said Joint CP EOW OP Mishra.
Kumar, a former chief manager with Punjab National Bank, is acquainted with the banking process as well as the loopholes of the system. He sanctioned and allowed the disbursal of the loan without proper verification of the credentials and documents. He is a beneficiary of the amount that was cheated and is also involved in six other similar cases.