Delhi Police EOW unearthed a multi mortgaging racket, held one
New Delhi, March 21
The Delhi Police EOW arrested one who was a part of an alleged mukti mortgaging racket to dupe financial institutions in the national capital.
The accused was identified as Rahul Arora (34) has been arrested from Uttam Nagar area of Delhi.
Add DCP (EOW) K Ramesh stated that accused were running a racket of mortgaging the property with India Bulls Housing Finance Ltd as well as other financial institutions, banks and NBFCs.
The EOW had received a complaint from India Bulls Housing Finance Ltd with the allegations that in the year 2014, accused Geeta Rani availed a loan of Rs 1.16 Crore for expansion of her family business through her firm Daulat Ram Naresh Kumar against the mortgage of her property bearing H.No 2650, Kingsway Camp Delhi as a security. It was subsequently revealed that the same property was also mortgaged by the alleged person with other Financial Institutions including Banks and NBFCs through forgery and manipulation of documents.
As per the investigation, one of the accused Geeta Rani applied for a loan on 31.08.14 against mortgage of her property - 2650, Ground Floor, Hudson Lane, Kingsway Camp, Mukherjee Nagar Delhi with India Bulls Housing Finance Ltd for Rs 1.16 Cr. It was further revealed that her sons and daughters-in-law stood as guarantors of the Loan. The same property was also found mortgaged with Syndicate Bank, Oriental Bank of Commerce, Chola Mandalam and Hinduja Leyland Finance Ltd. For this, the relevant title documents were forged and manipulated. The total amount of loan raised by accused Geeta Rani by so multiple mortgages of the same property was found to be Rs 11 Crore (approx). Geeta Rani and her sons namely Shanker Singhal and Ashish Singhal have already been arrested by the EOW in this case. Accused Rahul Arora helped them in releasing documents from NBFC and then creating multiple sets of forged title documents of the property and procuring further loans by mortgaging these with different banks/NBFCs. When the loan amount was disbursed in the account of Geeta Rani, Rahul Arora received his pre-decided commission.
Explaining their modus operandi, the EOW stated that the accused carried out intentional non-disclosure of the prior encumbrance and mortgage status of the properties in question while applying for the loan facilities and actively suppressing the material facts of earlier liens over the properties.
The officials also found that there was misrepresentation regarding genuineness of Title Deeds, exclusive ownership and authority over the properties in question for mortgaging the same and sssurance of timely payment of dues and keeping safe custody of the hypothecated stock followed by subsequent non-payment of the outstanding dues and misappropriation of the stock.
The accused also prepared multiple sets of the Title Deeds of the same properties, the forgery of valuable securities was done for procuring separate loans against the same properties from various Banks/NBFCs simultaneously. The forged documents pertaining to the Title Deeds of the properties in question so created were deposited with various Banks/NBFCs as genuine and accordingly, the applied loans were sanctioned on the basis of these forged documents.
The officials added that the accused is a B.Com graduate and he used to do jewellery business earlier. He along with his associates, in the name of facilitation of loan procurement from NBFCs and Banks, does all sorts of manipulations against the commission ranging from 10 % -15%.
The EOW has found three other similar involments of the accused in Delhi and taken up further investigations.
