The Economic Offence Wing of Delhi Police on Saturday arrested a former manager of a housing finance company for allegedly cheating his company of Rs 1.5 crore by disbursing fake loans to non-existent customers,police said.
The accused identified as Vishwanath Tantri (48),has been accused in 35 cases of cheating,forgery and is also a proclaimed offender in more than 8 cases,police said.
The company,Maharishi Housing Development Finance Corporation (MHDFC),said that Tantri and his associates cleared loans of Rs 3 lakh to Rs 5 lakh to several customers who wanted to buy plots or construction of new houses on plots in Bengaluru,Karnataka,Sandeep Goel,Joint Commissioner of Police,EOW,said.
However,it was later found that the properties against which the loans were issued were non-existent and the guarantors could not be traced. Thirty-six FIRs were then registered and the case was transferred to EOW in May 2009, Goel said.
During verification of loan documents,major discrepancies were found in the application forms as well as the supporting documents.
The documents were also found to be forged,police said. It was also found that loans were disbursed in the name of some existing employees,who were not even aware of it,police said.
Goel said Tantris customers,both fake and genuine,were all members of one one Khumbha Credit Co-operative Society Ltd,Ashok Nagar,Bengaluru.
Loan cheques issued by MHDFC in the borrowers name would be deposited in the account of Khumbha Credit Society in Dhanlaxmi Bank. These cheques were encashed by Tantri and his associates,through the withdrawal forms in the borrowers name.
The fake papers and scrutiny of loan documents led the investigators bust the racket, police said.
A hunt to nab Tantris associates is on,police said.