UP EOW arrested two absconding accused in Rs 25 lakh forged loan fraud case

LUCKNOW: The Economic Offences Wing (EOW) of Uttar Pradesh on Wednesday arrested two absconding accused allegedly involved in a conspiracy to fraudulently obtain a Rs 25 lakh cash credit (CC) loan from Allahabad Bank's Kaiserbagh branch in Lucknow using forged property documents and impersonation.According to an official press note issued by the EOW, the accused, identified as Arvind Singh and Mohammad Salim, had been evading arrest for a long period despite repeated efforts by investigators. Both were arrested by EOW teams on June 9 from separate locations in Lucknow.The case dates back to 2018, when the original sale deed of a residential property owned by Manju Devi, located at 7A/92, Vrindavan Yojana on Raebareli Road in Lucknow, was reportedly lost.Investigators alleged that the accused took advantage of the missing document and used the property papers without the owner's knowledge or consent to secure a cash credit loan of Rs 25 lakh from Allahabad Bank's Kaiserbagh branch.After obtaining the loan, the accused allegedly failed to repay the amount and misappropriated the funds, causing financial losses to both the bank and the property owner.Following a complaint, an FIR was registered at Bachhrawan police station in Raebareli district as Case Crime No. 80 of 2020 under Sections 419 (cheating by impersonation), 420 (cheating), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating) and 471 (using forged documents as genuine) of the Indian Penal Code.The investigation was later transferred to the Economic Offences Wing on the directions of the Allahabad High Court.During the investigation, EOW officials found evidence suggesting that the accused had acted in conspiracy to obtain the loan through forged documents and fraudulent representations. Based on these findings, an additional charge under Section 120-B (criminal conspiracy) of the IPC was added.Investigators concluded that both accused were prima facie responsible for obtaining the loan through fraudulent means and siphoning off the funds.Officials said continuous efforts were made to apprehend the accused after sufficient evidence emerged against them. However, both allegedly remained absconding and frequently changed locations to avoid arrest.Acting on specific intelligence, EOW teams traced and arrested the two accused from different parts of Lucknow on June 9.Arvind Singh, son of Chhatrapal Singh and a resident of Sector 12, Rajajipuram under the Talkatora police station area, was arrested from Alambagh.His co-accused, Mohammad Salim, son of Mohammad Shami and a resident near Kala Pahad Masjid in Rajajipuram under the Thakurganj police station area, was arrested from Thakurganj.The EOW said legal proceedings are being carried out against the accused under Sections 419, 420, 467, 468, 471 and 120-B of the IPC.Investigators are also examining the role of any other individuals who may have been involved in facilitating the fraudulent loan transaction.The arrests mark a significant breakthrough in a long-pending financial fraud case involving alleged forgery, impersonation and misuse of property documents to obtain a bank loan worth Rs 25 lakh.