New Delhi, May 11 – In a major crackdown on financial fraud, the Economic Offences Wing (EOW) of Delhi Police has arrested a chartered accountant and a direct selling agent for allegedly defrauding a private bank of Rs 9 crore by using forged documents to obtain loans.
The accused, identified as Rishi Chhabra (46) and Himanshu Rastogi (33), were formally taken into custody on May 9 following an FIR lodged in April 2022, officials confirmed on Sunday.
Both Chhabra and Rastogi have been granted anticipatory bail by the Delhi High Court.
Fraud Spanned Over a Year Using Fake GST Returns and Bank Statements
According to the complaint filed by the bank’s authorised representative, the fraud occurred between March 2020 and March 2021. During this period, an internal audit flagged several suspicious loan files, initially processed by then-credit manager Anshul Ahuja, who is already under arrest since June 2024.The audit uncovered forged GST returns in 71 cases and fabricated bank account statements in 39 loan files, the police statement said.
Orchestrated Network Involving Inflated Financial Reports
Investigations revealed a well-planned conspiracy where Chhabra, acting as a Direct Selling Agent (DSA), provided client leads to Rastogi. Rastogi, a chartered accountant, then prepared manipulated financial documents, which were routed through Ahuja for final loan approvals.The police stated, “The accused earned hefty commissions from the disbursed loan amounts and distributed them among themselves.”
Loans Turned NPAs Due to Defaulting Borrowers
Most of these loans have since turned into non-performing assets (NPAs), as the borrowers failed to repay their EMIs. The investigation also highlighted that the accused had deliberately inflated the borrowers’ financial profiles, even when applicants had poor CIBIL scores, in order to secure higher loan amounts.Further Investigation Underway
Authorities are currently tracing the financial trail and probing the possible involvement of other individuals in the racket. “Further investigation is ongoing,” police said.The case underscores growing concerns about internal collusion and document forgery in India’s banking sector, prompting renewed calls for stricter due diligence and regulatory oversight.