Loan fraud: Youth dupes ICICI bank of Rs 2.5 cr

An ICICI Bank sales executive, arrested for allegedly duping the bank of Rs 2.5 crore by making it disburse loans against fake insurance policies, has been remanded in police custody for three days by a Delhi court.

Metropolitan Magistrate Satish Arora handed 29-year-old Prem Prakash over to police for his custodial interrogation, while remanding his two woman accomplices, Vandana and China, to judicial custody till March 29.

The trio were arrested on charges of causing a loss of Rs 2.5 crores to bank by making it disburse the loan against fake sureties.

Police told the court that Prakash had the responsibility of procuring persons interested in obtaining loans by pledging securities such as bonds, shares and insurance policies.

In December 2010, he came in contact with Ajit Pudhir, a native of Uttar Pradesh and they connived to cheat the bank on basis of fake LIC policies and the amount so earned was used to purchase properties and other valuable securities.

The duo also roped in West Bengal natives Vandana and China and prepared bogus LIC insurance policies in the name of China and her husband Sunil Kumar. The bank disbursed Rs 49 lakh as loan in his name, which was withdrawn by them. They later bought two properties in South Delhi in names of Vandana and China.

The trio were arrested on March 14 on a complaint by the bank.

Source: Financial Express