Delhi couple arrested for committing Rs 20 crore loan fraud

The arrested accused have been identified as Mandeep Singh and his wife Tarwinder Kaur. The accused took a loan of Rs 20 crore from a Non-Banking Financial Company (NBFC) in the name of their company and mortgaged land in Gurugram for this. But later Mandeep Singh secretly transferred the mortgaged property in the name of his wife.

New Delhi:Economic Offenses Wing has arrested a couple in loan fraud of Rs 20 crore on Monday from Delhi. The accused have been identified as Mandeep Singh and his wife Tarwinder Kaur. The accused took a loan of Rs 20 crore from a Non-Banking Financial Company (NBFC) in the name of their company and mortgaged land in Gurugram for this. But later Mandeep Singh secretly transferred the mortgaged property in the name of his wife.

Now, the police is looking for some other people involved in this fraud. According to Joint Commissioner Chhaya Sharma, a complaint of cheating of Rs 20 crore was filed by Samresh Agarwal, a representative of a private company from which the loan was taken.

He said that this fraud was committed by Jai Polychem and Jai Tele Mobile Private Limited Company, they had taken five loans of Rs 20 crore. For this, an agreement was also done by the directors of these companies Satinder Pal Singh and Sandeep Singh.

They also mortgaged a land in Gurugram for this loan and the documents of this property were also mortgaged to him. But after taking the loan they stopped paying their instalment and started arbitration proceedings in this. Unfortunately, in July 2015, the verdict came in their favour.

Then after only they get to know that Mandeep Singh had transferred the mortgaged land on the name of his wife Tarvinder Kaur. later an FIR was registered on this complaint in 2020.

While investigating, the police team came to know that both these companies were operating at the address of Lajpat Nagar and the founders and directors of both companies were almost the same.

When the Economic Offenses Wing went through the copy of the agreement done with the company they came to know that the sale deed has been done in the name of Tarvinder Kaur and for which a cheque of Rs 5.97 crores was given, which remained unused.

Further investigation revealed that these accused do not live at the given address. After that, under the supervision of ACP Kapil Parashar, a team led by SI Bharat Bhushan, with the help of technical surveillance traced the location of the accused and the arrest was made.

Mandeep Singh, who is the prime accused in the case has done his schooling at St. Paul's School in Green Park. His father was a businessman and used to do auto parts business in Delhi's Karol Bagh.

Singh was the director in Vijay Mobile Tele Private Limited Company along with his brother-in-law since 2011.

While Tarvinder Kaur has studied at Kalindi College and got married to Mandeep in 1994. She used to take classes for disabled children for the last two years.