Surender Yadav, a resident of Rewari in Haryana, was arrested by the Delhi Police Criminal Branch and a reward of Rs 25,000 was announced on the information leading to his arrest, they said.
In 2016, a case of fraud was registered against him by the economic crimes section of the police and he was declared a delinquent.
Following a tip-off, a team was dispatched to Rewari and he was arrested on February 28, Deputy Police Commissioner (Crime) Rajesh Deo said.
In 2010, Yadav and his wife approached a public sector bank branch in Chandni Chowk for credit facilities for their business and presented themselves as business owners, officials said.
Their loan proposal was reviewed and credit facilities, totaling Rs 24 crore, were sanctioned. They took advantage of the limit, but never repaid the loan, officials said.
When the bank re-examined the property documents submitted by them for the mortgage, they found that they had shown mortgaged properties to other banks, one of which was disputed, they said.
“During his interrogation, Yadav told the police that in 2004 he started importing electrical appliances from China for his business. The business was doing well and for his expansion he got a loan from a bank after mortgaging his property. Later he approached a public sector bank as they offered more credit facilities,” Deo said.
“He also mortgaged his friend’s property for the same, but the public sector bank did not disburse the credit limit as required. Subsequently, he got his property documents released from the sector bank public and fraudulently mortgaged the same to another bank,” he said. .
In 2014-2015, he suffered huge losses in his business and was unable to repay bank loans and money taken from other people, DCP said.