Father-son duo booked for cheating bank of Rs 1.47 crore

PK Jaiswar

Amritsar, June 21

The Civil Lines police have booked two persons for allegedly duping Kotak Mahindra Bank of Rs 1.47 crore.

The duo took a loan from the bank for opening a transport business in December 2022. They procured four trucks from a firm in Jalandhar. Neither did the suspects deposit a single instalment nor did they hypothecated the registration certificates of four trucks.

The bank alleged that the two suspects signed four agreements for the loan of Rs 1.47 crore. The suspects also disposed of trucks at an undisclosed place.

Those booked were identified as Jagmit Singh and his father Balwinder Singh, both residents of Gali Chak Wali in Chheharta. The police registered a case under Sections 420, 465, 467, 468, 471 and 120-B of the IPC against them while no arrest had been made till now.

A complaint was lodged by Mandeep Singh, recovery manager of Kotak Mahindra Bank in December last year.

The case was registered following two months investigation by Additional Deputy Commissioner of Police and on the recommendation of the Police Commissioner.

The investigations in the case revealed that the duo told the bank that they had a contract with Cooperative Milk Production Limited, Jharkhand, for supply of the milk. They asked bank for loan to bury four Tata Sigma trucks. They were to return the amount in 60 instalments. They gave two cheques as guarantee to the bank and both got bounced. The insurance of four vehicles was also fake.

During probe, it was found that the suspects had procured around 26 vehicles from same Jalandhar firm.

The inquiry report was submitted by the ADCP to the Police Commissioner on June 13 with recommendation of registration of an FIR. It was further marked to the economic offences wing for probe and to the Civil Lines police station for registration of case.