The Delhi Police Crime Branch has arrested three men for allegedly orchestrating a sophisticated loan fraud by impersonating senior government officials and submitting forged documents to financial institutions, officials said on Thursday.
The case came to light after a representative of a private finance company lodged a complaint accusing the suspects of forgery and deception. A formal complaint was registered at the Crime Branch police station on September 2, 2022, triggering a detailed investigation.
According to Deputy Commissioner of Police Harsh Indora, the accused submitted fake government employee identity cards and fabricated salary slips while applying for personal loans. “They falsely projected themselves as senior audit officers working at the office of the Principal Director of Commercial Audit, located in the CAG Building on Bahadur Shah Zafar Marg,” he said.
The fraud was uncovered when the accused stopped paying their Equated Monthly Installments (EMIs). Subsequent verification by the finance company revealed that none of the men had ever been employed at the government office they claimed to work for.
Using a combination of technical surveillance and ground-level intelligence, the Crime Branch conducted raids at more than two dozen locations across multiple states. The three accused were eventually apprehended from their residences in Delhi, Uttarakhand, and Bihar.
During interrogation, the accused admitted to creating forged documents in the names of various individuals to open multiple bank accounts. They deposited funds into these accounts over several months, disguising the transactions as salary credits to trigger pre-approved loan offers from banks.
Once the loans were sanctioned, the group paid a few initial EMIs to avoid raising suspicion before defaulting and sharing the defrauded money among themselves.
Police further revealed that all three accused had prior experience in the banking sector. Atul Agarwal, educated up to Class 10, impersonated one Manish Kumar to obtain loans. Ajay Chaurasia, educated up to Class 8, managed the fake bank accounts, while Deepak Dhoundiyal, a graduate, used his banking knowledge to facilitate the operation.
Further investigation is underway to determine the full extent of the fraud and identify any additional victims.
