The Economic Offences Wing of the Delhi Police has arrested the owner of F Bar and Lounge in Connaught Place, the former assistant general manager of Brady House branch of Punjab National Bank (PNB) in Mumbai, and two other persons for allegedly procuring loans to the tune of Rs 7.5 crore from the bank using forged documents.
Police said the accused used forged documents against fake properties with the help of a former bank manager of PNB (Mayur Vihar), following which they transferred the money to shell companies, and later withdrew a part of it to open F Bar and Lounge, which shut around three years ago. The ex-AGM of PNB Brady House branch facilitated opening of all accounts and mortgages in the city, police alleged.
“False documents and reports pertaining to site inspection and revenue records were made to facilitate the loan, which was used to open F Bar…,” said ACP (EOW) Suvashish Chaudhary. He said that the arrested men — Ajay Sharma, owner of F Bar and Lounge; P K Varun, former AGM of PNB (Brady House); and Amarjeet Singh — helped facilitate the loans, while one Suresh was made “director” of a shell company to get loans sanctioned.
The breakthrough came when EOW was looking into the case of a woman who had taken a loan of Rs 49.9 lakh from PNB Mayur Vihar branch in 2014 to allegedly purchase a property from another woman, Sarita, who did not exist, police said. “The amount was transferred to the fake bank account opened in Sarita’s name, while the loan was sanctioned with the help of the then bank manager, who is also under investigation,” police said.
“The woman then took a loan of Rs 2 crore, which was sanctioned by PNB (Brady House) in Mumbai in her overdraft facility against a fake property in Bhogal in southeast Delhi,” said a senior officer.
Police further discovered that PNB (Brady House) had also sanctioned a Rs 5-crore loan to a shell company owned by Suresh. The property in Bhogal had been used as collateral — the same site used as collateral for the woman’s loan.
“The Rs 5-crore loan was further transferred to two dummy companies owned by Amarjeet — Rs 2 crore in overdraft was taken by the accused, of which Rs 1 crore was deposited in the woman’s PNB account…,” Chaudhary said.
The EOW unit led by DCP Varsha Sharma on September 11 arrested Amarjeet, who was a suspect in a 2017 loan sanctioning fraud, following which others were arrested. “F Bar closed around three years ago due to losses, and the accused went absconding after the Nirav Modi case was reported. The ex-AGM’s son also owned 20% share at F Bar and Lounge,” Chaudhary said.
A PNB official said, “As per our enquiry, P K Varun has not been working with us. He was with the branch in 2014.”