Former PNB chief manager, two associates held in Delhi for loan fraud

A former chief manager of a public sector bank and his two associates were arrested in Delhi for allegedly misappropriating funds through a loan fraud, police said on Wednesday.

The accused have been identified as Shailendra Kumar (63), a resident of Dwarka Sector-10, Ankit Sangwan (29), a resident of Vikaspuri and Sunil Sarki (31), a resident of Vikas Nagar, they said.

Police said a complaint was made by the Punjab National Bank alleging that one Sarki Trading Company through its proprietor Sunil Sarki obtained a cash credit (CC) limit of Rs 2.50 crore on the basis of false credentials and documents in 2013.

The company was shown having the business of clothes and garments. To secure the CC limit, forged documents of a property were mortgaged with the bank. The addresses of the borrower and the guarantor were not traceable and the account turned into a non-performing asset (NPA) in 2014, a senior police officer said.

During investigation, it was revealed that Kumar, being chief manager of the complainant bank, was well acquainted with the bank's systems, police said.

In connivance with the accused Sangwan, Sarki and other associates, the manager got a cash credit account opened in the name of Sarki Trading Company allegedly maintained by Sarki.

The chief manager sanctioned a CC limit of Rs 2.50 crore on the basis of false credentials and forged documents of mortgaged property. After siphoning off the complete CC limit, the account turned NPA. Sarki was a daily-wager earning a living off car washing, the officer said.

"The accused -- Shailendra Kumar (ex-chief manager, PNB), Ankit Sangwan (truck driver) and Sunil Sarki (car washer) -- have been arrested on Tuesday. The alleged roles of other accused is under the probe, Joint Commissioner of Police (EOW) O P Mishra said.