Two arrested for financing bus on forged documents

A man and a finance company salesman were arrested today for allegedly financing a school bus from a finance company on the basis of forged documents.

A man and a finance company salesman were arrested today for allegedly financing a school bus from a finance company on the basis of forged documents. The police arrested Jagtar Singh,an autorickshaw driver and Siddharth,sales executive with the Cholamandalam,who has been held on charges of filling the form and executing the loan.

The complainant,Munish Verma,manager of Cholamandalam Finance Company,reported to the police that one Jagtar Singh,a resident of Sabdalpur in Patiala,approached the company in June 2007 for the purpose of financing a bus.

For the purpose of taking a loan of Rs 6.6 lakh,Jagtar produced an agreement with Ryan International School and told the company he had been hired by the school. A bus number PB65 S 3825 of Eicher-make was financed to him.

It was later found that the signatures of the Principal of Ryan International School were forged and the agreement shown with the school was fake,the police said.

The other arrested Siddharth is a sales executive with the company and had filled all the forms and his role is under the scanner. The bus was financed on the basis of an agreement which was found to be fake, said Inspector Prem Chand of the Economic Offences Wing of the UT police.

A case under sections 420/467/468/471/120-B of the IPC has been registered at the police station in Sector 34.

Stay updated with the latest - Click here to follow us on Instagram