Ludhiana Police Book Firm Director and Guarantor in Rs 5 Crore Loan Fraud Case
In a significant development, the Division Number 5 police in Ludhiana have taken legal action against the director of a private firm and his guarantor for allegedly defrauding a private finance company of a substantial sum of Rs 5 crore. The case revolves around accusations of cheating and the use of forged documents to secure a credit facility, followed by a default on repayments.
Details of the Accused and the Complaint
The First Information Report (FIR) has been officially lodged against Ajit Singh Chawla and Sumel Singh Chawla, both residents of Gurdev Nagar. This police action was initiated based on a formal complaint filed by Rajesh Gupta, the Managing Director of the affected financial firm. According to Gupta's statement, the accused individuals successfully availed a loan amounting to Rs 5 crore from his company but subsequently ceased making the agreed-upon installment payments.
Discovery of Forged Documents and Legal Proceedings
Upon conducting a thorough verification of the paperwork submitted during the loan application process, the finance company uncovered that the documents were counterfeit. This revelation prompted the firm to seek legal intervention by approaching the police authorities. Investigating officer ASI Kuldeep Singh confirmed that the FIR was registered after a preliminary inquiry into the matter, highlighting the seriousness of the allegations.
Charges Under the Bharatiya Nyaya Sanhita
The accused now face a series of serious charges under the Bharatiya Nyaya Sanhita (BNS), which include:
- Section 316: Criminal breach of trust
- Section 318(4): Cheating and dishonest inducement
- Section 338: Forgery of valuable securities
- Section 336(3): Forgery for the purpose of cheating
- Section 340(2): Fraudulent use of forged documents
- Section 61: Criminal conspiracy
This case underscores the ongoing efforts by law enforcement to combat financial fraud and protect businesses from such deceptive practices. The police are continuing their investigation to gather further evidence and ensure justice is served in this high-value fraud incident.
