The Economic Offences Wing (EOW) of Uttar Pradesh Police has arrested Avdhesh Kumar Tyagi, a panel advocate for the Central Bank of India, for his alleged involvement in a Rs 2.8 crore loan fraud case involving forged property documents. Tyagi, a resident of Shastri Nagar in Ghaziabad, was taken into custody on June 16 after evading arrest in connection with a case registered at Kotwali Nagar police station.
Case Background
According to officials, the case dates back to 2018 when Yashdev Jain obtained a loan of Rs 2.8 crore for his firm, P.D. Traders, from the bank’s Wright Ganj branch. The loan was secured by mortgaging a property located in Kavi Nagar, which belonged to co-accused Ram Kishore Verma.
Allegations Against Tyagi
Investigators discovered that the same property had already been mortgaged with the United Bank of India’s Vikaspuri-Shahdara branch in Delhi to secure a Rs 4 crore loan in the name of A.D. Associates. The EOW alleged that Tyagi submitted a legal search report without verifying the original title documents and relied on a duplicate registry copy, which enabled the loan to be sanctioned.
The arrest is part of a broader investigation into fraudulent loan practices. The EOW continues to probe the matter to identify other individuals involved in the scam.
