Rs.80 Lakh Loan Fraud in Punjab National Bank in Panchkula

The Economic Offenses Wing (EOW) of Panchkula Police has seized the property of individuals involved in a fake loan scam amounting to Rs 80 lakh. The loan was fraudulently obtained from Punjab National Bank (PNB) under the pretext of purchasing machinery tools. This move comes as part of the department’s efforts to recover the loan amount.

The Fraud and Its Mastermind

The key person behind this scam is Amit Kumar, a resident of Subhash Nagar, Delhi. He, along with his associates, managed to get a loan sanctioned from PNB on July 26, 2024. The accused claimed they were planning to start a business unit at 59 HS IIDC, Alipur Barwala. However, after receiving the loan, the promised business unit was never set up, and the accused stopped communicating with the bank.

Bank’s Attempt to Recover the Loan

Praveen Kumar, the manager at the PNB branch in Sector-15, filed a complaint with the police when the bank was unable to reach the accused. Despite several attempts, they failed to establish contact with the fraudsters, who even began avoiding phone calls.

Police Investigation

While some of the accused have been arrested, Amit Kumar and his wife, Jasmeet Kaur, are still on the run. On Wednesday, the police arrested Lalit Agarwal from Kundli village in Sonipat, who is also involved in the scam. He was presented in court and subsequently sent to Ambala jail.

Inspector Kamaljit Singh, in charge of the Economic Offenses Wing, stated that based on the interrogation of Lalit Agarwal, police teams are actively searching for Amit Kumar and Jasmeet Kaur. In addition, the police are also tracking the movable and immovable properties of the accused. If the loan amount cannot be recovered, the authorities are prepared to confiscate the property as part of their ongoing investigation.