Delhi Police have arrested three people who allegedly cheated several banks by mortgaging public land that they claimed to be their own.

The alleged fraudsters also raised at least one letter of credit (L/C) on the basis of property that they did not own.

Bank complaint

Sandeep Thapar, his brother Anuj Thapar and their uncle Anil Laroiya were arrested following a complaint from the Oriental Bank of Commerce.

The bank claimed that the three men had obtained a loan of 2 million rupees by mortgaging a property that documents appeared to show that the men owned. The documents turned out to be forged according to investigators.

Forgeries

The bank also claimed that an L/C was issued on the security of a supposed property that the three men charged turned out not to own.

The alleged fraudsters used forged documents extensively.

Further investigations

Investigators say proceeds from the alleged frauds were siphoned off into several accounts at ABN Amro Bank and Bank of America.

Police are now said to be investigating the role of bank officials who may have facilitated or approved loans in favour of the three men.

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