Father, son held for duping bank of Rs.54.70 mn

July 27th, 2010 - 1:18 pm ICT by IANS  

Chandigarh, July 27 (IANS) A Chandigarh-based industrialist and his son have been arrested for duping the IDBI Bank of Rs.5.47 crore, police here said Tuesday.
The Economic Offence Wing (EOW) of the Chandigarh Police arrested Rakesh Goel and his son Akash Goel, both owners of the Goel Steel Trading Company, late Monday.

Rakesh’s wife Neena Goel, who was also booked in the case, is still at large.

“The Goel family took a loan of around Rs.8 crore from the Union Bank of India around two years ago. They had mortgaged their property with the bank. In December 2009, they again applied for a loan of Rs.5.47 crore with the IDBI Bank and promised to submit the same property documents as security,” EOW sub-inspector Naveen Sharma said.

“IDBI Sector 8 branch here sanctioned the loan but the Goel family failed to submit the documents despite repeated reminders. During an internal enquiry, the IDBI officials found that the Goel family was already availing a loan in lieu of those property papers,” he said.

The bank filed a formal complaint with the EOW in April and a case was registered against the trio last month.

However, police did not rule out the possibility of involvement of some bank officials in the fraud.

“It is quite strange that bank sanctioned the loan amount without receiving the property papers as security. We are looking into all aspects of this case. There is a strong possibility of involvement of some IDBI officials in this fraud,” said a police official here.

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