With the arrest of four members of a family including two women, the Economic Offences Wing (EOW) of Delhi Police on Saturday claimed to have busted a gang of cheats who allegedly mortgated the property, which was acquired by Delhi Metro, to several banks by creating forged chain of documents.

The accused have been identified as Ashwani Arora, Vijay Arora and their wives.

According to Dr O P Mishra, the Joint Commissioner of Police, EOW, a complaint was received from Zonal Manager of Punjab & Sind Bank, in which he alleged that a Riya Enterprises availed ODP (Overdraft against Property) limit of up to 70 lacs.

“This limit was released against the equitable mortgage of property which was in the name of Ashwani, who is also the guarantor in this loan. These limits were granted by Punjab & Sind Bank, Karol Bagh, Delhi. Further, Kunj Aluminium Pvt. Ltd. (proprietor Vijay and his wife) over the years availed ODP limit of Rs.225 lacs on the same land,” said the Joint CP.

“The accused also availed home loan, car loan, personal loan and loan against LIC policies. Later on, complainant bank gave in writing that car loan and loan against LIC have been adjusted in the meantime. The complainant bank alleged that the properties were already mortgaged with other banks.  Hence, after enquiry the case was registered and investigation was taken up,” said the Joint CP.

“During investigation, it emerged that all the accused persons hatched a criminal conspiracy and prepared forged chain of property papers and on the basis of these forged chain of documents they succeeded to register the property fraudulently before the Registrar Office either in their name or in the name of their interested persons,” said the Joint CP.

“Further on the basis of these chain of forged documents they availed loan multi time on same property from many banks. By the same modus operandi they succeeded in availing loan from the complainant bank and after some time they stopped the payment of interest to the Bank and duped the complainant bank to the tune of Rs six crores,” said the Joint CP.