Bank loan fraud: Vigilance nabs absconding accused

Phagwara, January 18

The Vigilance Bureau (VB) on Thursday arrested an absconding accused Sharnjit Singh, a resident of Chak Hakeem village, here, now residing in Bassi Baldad village in Hoshiarpur on charges of defrauding the Punjab Gramin Bank, Phagwara, by taking a loan of Rs 25 lakh based on forged documents. He was evading his arrest for three years and four months.

Disclosing this here today, a spokesperson of the VB said a case had already been registered under Sections 409, 420, 467, 468, 471, 120-B of IPC and Section 13 (1) (a) (2) of the Prevention of Corruption Act at the VB police station, Jalandhar.

He informed that the accused had been sanctioned the loan in connivance with bank manager Harbhajan Singh Kapoor and bank valuer Satish Kumar Sharma.

He further informed that there are a total 16 accused in the case, out of which six accused — Raj Kumar of Thatthiala Mohalla in Phagwara, valuer Satish Kumar Sharma, Subhash Kumar of Mahindwani in Hoshiarpur, Avtar Singh, a resident of Asha Park Colony, Phagwara, Pankaj of Mohalla Ratanpura, Phagwara, Rajesh Kumar of Mohalla Ratanpura, Phagwara and Satish Jha of Chak Hakim, Phagwara, had already been arrested. The VB is on the lookout for the arrest of the remaining accused, who would be arrested soon, he said.

During the investigation, it has come to light that in all this fraud, bank manager Harbhajan Singh Kapoor and valuer Satish Kumar Sharma misused their official positions and provided full support to the loan borrowers. Both of them colluded with the loanees and caused huge financial losses to the bank and government amounting to Rs.3,40,71,000.