Mumbai Crime: Businessman arrested for duping private bank of Rs 4.5 crore

Published: Feb 09, 2020, 13:46 IST | mid-day online correspondent | Mumbai

The accused paid Rs 51, 000 to obtain bogus sale-purchase documents

This picture has been used for representation purpose
This picture has been used for representation purpose

The Economic Offences Wing arrested a businessman for allegedly duping a private bank of Rs 4.5 crore by submitting fake property documents. The accused Mubarak Wahid Patel, 55, was nabbed soon after his name appeared in a fraud case, a Times of India report read.

In 2017, the accused submitted property documents of shops and flats in Mira Road which were registered in someone else's name by scheming with a tax consultant. An official statement from the police read that Patel paid Rs 51, 000 to obtain bogus sale-purchase documents based on which he applied for a loan of Rs 3 crore from a private bank. "His loan was granted, after which he again submitted another set of fake documents and availed Rs 1.5 crore cash credit. After receiving the amount he transferred it into another account," said the police.

Patel submitted documents on Naval Chandak's behalf, who is one of the accused of this fraud case where he earlier duped a Kurla bank, adopting the same method. He submitted fake documents of property in Mira Road and drew off an amount of Rs 3 crore. The police is in search of three more accused which also includes Chandak's wife.

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