Three businessmen from Ludhiana have been booked by the Division No. 2 Police after Indian Bank alleged a loan fraud of ₹68.91 crore. The FIR also names two unidentified private individuals and two unidentified public servants for their alleged role in the case. The complaint was filed by Sandeep Rathi, Chief Manager of Indian Bank’s Stressed Assets Management Vertical Branch in Chandigarh.
According to the complaint, the accused operated various business firms in Ludhiana and availed multiple credit facilities from the bank. The bank has alleged that the firms and their proprietors/partners engaged in acts that resulted in substantial financial losses to the institution.
Allegations Against the Accused
The accused have been identified as Dharampal Jain, Jainender Jain and Anju Jain. According to the bank, Dharampal Jain and Jainender Jain were partners in Shree Vallabh Exports and Shree Vallabh Overseas, while Anju Jain was the proprietor of A and J Impex.
The bank alleged that the accused had taken various credit facilities and later committed cheating, criminal breach of trust and other financial irregularities. As of March 31, 2026, the alleged loss to the bank stood at ₹68.91 crore, excluding additional interest.
Bank Sold Mortgaged Properties
According to the complaint, Indian Bank had already sold several properties that were mortgaged by the borrowers during the loan recovery process. Despite these recoveries, the bank claimed that a huge outstanding amount still remained unpaid.
Police Investigation Underway
Police said the FIR was registered after a preliminary inquiry. Investigators are now examining loan documents, financial records and other transactions related to the accused firms. Officials said further action will be taken based on the findings of the investigation.
FIR Registered Under IPC Sections
The case has been registered under Sections 406 (criminal breach of trust), 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code. The investigation is currently in progress.
