Punjab Vigilance Bureau (VB) has apprehended an absconding accused Sharnjit Singh in connection with a bank loan scam involving a staggering amount of Rs 25 lakhs. The accused had been evading arrest for three years and four months. The VB revealed that a total of 16 individuals were involved in the fraudulent activities, and six have already been arrested.
The case, registered based on a vigilance inquiry, accused Sharnjit Singh of obtaining the loan from Punjab Gramin Bank, Phagwara, using forged documents. The accused had allegedly colluded with bank manager Harbhajan Singh Kapoor and bank valuer Satish Kumar Sharma to secure the loan.
The intricate web of deceit involves a residential colony named Bhai Ghanaiya Enclave, where 101 marlas of land were sold as separate plots. However, 74 marlas were retained for roads and streets. The accused, in a bid to commit fraud, sold this land as small plots based on Fard Jamabandi obtained from revenue officials. The sale contracts were fabricated in the names of Avtar Singh, Pradeep Kumar, Pankaj Kumar, and others, who later endorsed the contracts in favour of the bank manager and valuer.
The accused, with the connivance of the bank manager and valuer, managed to secure loans amounting to lakhs of rupees from Punjab Gramin Bank for the construction of new houses on the supposedly earmarked land. However, no houses were constructed, and the accused falsely mortgaged houses belonging to people in other colonies.
The investigation revealed that the bank manager and valuer misused their official positions, causing a significant financial loss to the bank and government, totaling Rs 3,40,71,000. The arrested individuals face charges under sections 409, 420, 467, 468, 471, 120-B of the Indian Penal Code (IPC), and section 13 (1) (a) (2) of the Prevention of Corruption Act.
VB spokesperson said that the bureau is actively pursuing the remaining accused, assuring their swift arrest. The accused Sharnjit Singh, along with the evidence gathered during the investigation, will be presented in court on Friday as the probe continues to unfold.