After the Nirav Modi incident, accused Amarjeet Singh left his house and even switched off his phone.
New Delhi: Four persons, including an official of the Punjab National Bank’s Brady House branch in Mumbai, whose name figured in the Nirav Modi controversy, were arrested by the economic offence wing of the Delhi police in connection with a loan racket, said the police on Friday.
The accused were identified as Amarjeet Singh, Ajay Kumar Sharma, Suresh and P.K. Varun (assistant general manager, PNB).
The police said accused Singh, in connivance with PNB officials, got a loan sanctioned to the tune of `7.5 crore to open a luxurious F-Bar & Lounge at Delhi’s Connaught Place.
After the Nirav Modi incident, accused Singh left his house and even switched off his phone since his loan was also connected with the same branch as that of Modi’s.
Based on a tip-off, a raid was conducted by the economic offences wing of the police on September 11. Following this, accused Singh was arrested.
During interrogation, it was learnt that the accused used to obtain loans on the basis of forged and fabricated sale deeds of the property being offered as collateral security with the banks.
On the basis of fake documents, the accused opened an account at PNB’s Mayur Vihar branch in the name of one Sarita with the help of then bank manager Sheetal Garg.
The obtained loan of `49.90 lakh was used to set up a temporary factory at Surajpur in Noida, the senior officer said.
Another accused, Sharma, who was the main player for facilitating sanctioning of loan, opened a dummy company in the name of ‘Ply Mouth Ventures Pvt Ltd’ in connivance with Mr Singh and availed `5 crore cash credit, the officer said. The loans were transferred to other accounts and siphoned off. The accused managed to obtain Rs 2 crore over draft facility from the same bank.