Man arrested for cheating banks of ₹7 cr.

He had mortgaged one property to several banks and obtained loans

Delhi Police’s Economic Offences Wing has arrested a 51-year-old man for allegedly mortgaging the same property with six nationalised banks and usurping public money to the tune of ₹7 crore, officials said on Friday.

The accused, Rajiv Rathee, was nabbed from Gurugram after complaints were received against him from two banks in March last year, they said.

Additional Commissioner of Police (Economic Offences Wing) R.K. Singh said that Ratnakar Bank Ltd. (RBL) and Bank of Maharashtra, in their complaints, alleged that Rajiv Rathee of Shagun Enterprises approached them for availing home loan and mortgaged a property based in Gurugram. After verification, banks sanctioned the loan on the same property at different intervals of time.

The officer said RBL bank had sanctioned ₹2.50 crore while Bank of Maharashtra sanctioned ₹1.30 crore to the applicant. Later on, when Rathee failed to maintain financial discipline, banks began the process of possession and also gave advertisement in newspapers. Later on, both the banks got to know from Allahabad bank that the same property was mortgaged with them.

“After preliminary enquiry, a case was registered and during investigation, it was revealed that the accused Rathee had opened a firm in the name of Shagun Enterprises at Shahdara Industrial area in 2013. He mortgaged his paternal property in Gurugram with six banks and cheated banks of more than ₹7crore,” said Singh.

Serial fraudster

Rathee, along with other co-accused, opened a firm named Shagun Enterprises just for taking loan with the intention to cheat the banks. Then, he took a factory on rent to show the bank officials during their visit and managed to get the credit facilities.

“He prepared the same set of documents and applied for loan at different banks. After getting the loan, he fled. However, he was apprehended from Gurugram on the basis of technical investigation,” the officer said, adding that he is being interrogated to find the involvement of other co-accused and bank officials if any.

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