The Economic Offences Wing (EOW) of Uttar Pradesh on Wednesday apprehended two absconding individuals allegedly involved in a conspiracy to fraudulently secure a cash credit (CC) loan of Rs 25 lakh from Allahabad Bank's Kaiserbagh branch in Lucknow. The accused used forged property documents and impersonation to obtain the loan, according to an official press note from the EOW.
Accused Identified and Arrested
The accused, identified as Arvind Singh and Mohammad Salim, had been evading arrest for an extended period despite persistent efforts by investigators. Both were arrested by EOW teams on June 9 from separate locations in Lucknow.
Fraudulent Loan Using Forged Documents
The case dates back to 2018 when the original sale deed of a residential property owned by Manju Devi, located at 7A/92, Vrindavan Yojana on Raebareli Road in Lucknow, was reportedly lost. Investigators alleged that the accused took advantage of the missing document and used the property papers without the owner's knowledge or consent to secure the cash credit loan of Rs 25 lakh from Allahabad Bank's Kaiserbagh branch. After obtaining the loan, the accused allegedly failed to repay the amount and misappropriated the funds, causing financial losses to both the bank and the property owner.
FIR Registered in Raebareli
Following a complaint, an FIR was registered at Bachhrawan police station in Raebareli district as Case Crime No. 80 of 2020 under Sections 419 (cheating by impersonation), 420 (cheating), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating) and 471 (using forged documents as genuine) of the Indian Penal Code. The investigation was later transferred to the Economic Offences Wing on the directions of the Allahabad High Court.
EOW Probe Uncovers Conspiracy
During the investigation, EOW officials found evidence suggesting that the accused had acted in conspiracy to obtain the loan through forged documents and fraudulent representations. Based on these findings, an additional charge under Section 120-B (criminal conspiracy) of the IPC was added. Investigators concluded that both accused were prima facie responsible for obtaining the loan through fraudulent means and siphoning off the funds.
Accused Evading Arrest
Officials said continuous efforts were made to apprehend the accused after sufficient evidence emerged against them. However, both allegedly remained absconding and frequently changed locations to avoid arrest. Acting on specific intelligence, EOW teams traced and arrested the two accused from different parts of Lucknow on June 9.
Arrests Made in Lucknow
Arvind Singh, son of Chhatrapal Singh and a resident of Sector 12, Rajajipuram under the Talkatora police station area, was arrested from Alambagh. His co-accused, Mohammad Salim, son of Mohammad Shami and a resident near Kala Pahad Masjid in Rajajipuram under the Thakurganj police station area, was arrested from Thakurganj.
Further Proceedings Underway
The EOW said legal proceedings are being carried out against the accused under Sections 419, 420, 467, 468, 471 and 120-B of the IPC. Investigators are also examining the role of any other individuals who may have been involved in facilitating the fraudulent loan transaction. The arrests mark a significant breakthrough in a long-pending financial fraud case involving alleged forgery, impersonation and misuse of property documents to obtain a bank loan worth Rs 25 lakh.
