The Economic Offences Wing (EOW) of Delhi Police has arrested a proclaimed offender for allegedly alluring the victims to pledge their properties to avail a bank credit limit and then running away without paying the dues.
"Sanjay Tulsyan (45), a resident of Delhi, has been arrested on a complaint of five victims who alleged that in 2013, the accused met them and showed them a rosy picture about the business of Diamond and Gold Jewellery," said Chhaya Sharma, Joint Commissioner of Police, EOW, on Friday.
During the preliminary investigation, it was revealed that the accused in conspiracy with other co-accused, incorporated a company under the name of M/s SSP Diamond Pvt Ltd. The books of the company were shown healthy so as to make it believe that the company was doing huge business.
"The properties of the complainants were pledged with the bank for a term of one year and in lieu of properties cash credit limit of Rs 18.75 crores was obtained from Indian Overseas Bank. After expiry of the term, neither the properties were released nor any profit was shared with the complainants," said Sharma.
The stocks of the company were also diverted in a short span.
As the properties belonged to the complainant, the accused gradually started defaulting in the repayments and as a result, the account of the accused turned into a Non-Performing Asset (NPA), which resulted in auctioning of the properties of the complainant in view of SARFAESI proceedings.
The FIR in the case is registered under sections 420, 406, 409, 120B of the Indian Penal Code.
Initially, the wife of the accused was arrested in September 2019 and after that, the Tulsyan ran away and was declared a proclaimed offender.
The accused was arrested and was taken into police custody in order to unearth the entire conspiracy. Further investigation is in progress.
( With inputs from ANI )
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