The Economic Offences Wing (EOW) of Delhi Police has nabbed a 68-year-old woman who allegedly hatched a conspiracy of availing repeated loans against a same property by forging the ‘title documents’ from different financial institutions in National Capital.

According to Dr O P Mishra, the Joint Commissioner of Police, EOW, a complaint was received from Indiabulls Housing Finance in 2014 that a woman, Lalita Rani (Name Changed) availed a loan of Rs 1.16 crore for expansion of her family business through her firm Daulat Ram Naresh Kumar and mortgaged her property in Delhi’s Kingsway Camp as a security.

“A case was registered at Lajpat Nagar police station and later on the investigation of the same was transferred to EOW.

During investigation, it emerged that the same property was also mortgaged with Syndicate Bank, OBC, Chola Mandalam and Hinduja Leyland Finance by the alleged person by forging and manipulating the title documents,” said the Joint CP.

“The total amount of loan availed in this way by Lalita Rani from various financial institutions was around Rs 11 crores. In 2016 all the loan accounts turned NPA and Lalita disappeared. She was declared Proclaimed Offender in other cases,” said the Joint CP.

“Lalita was arrested on December 29 by the police team. She told police that after demise of her husband, she along with her sons wanted to expand the business. In the name of expansion of this ‘Family Business’, she along with her family members and other associates, hatched a criminal conspiracy of availing repeated heavy loans against the same property by forging the Title Documents from different Financial Institutions. After paying initial EMIs, the family absconded and went underground,” said the Joint CP.

“Police had already arrested her sons, Shankar Singhal and Ashish Singhal earlier. Further investigation is going on,” the Joint CP added.