Delhi Police's EOW arrests key accused in Rs 5.05 crore loan fraud case

New Delhi [India], March 2 (ANI): The Economic Offences Wing (EOW) of Delhi Police has arrested Mukesh Arora, a key accused in a high-profile loan fraud case involving a property in East Delhi. The case, registered on August 5, 2020, pertains to cheating and misrepresentation in securing a Rs 5.05 crore loan, officials said on Sunday.
According to police, the complaint was filed by Indiabulls through Suneela Sangwan, alleging that Mukesh Arora, as the director of Tradenext Securities Ltd., along with his late mother, Poonam Arora, had obtained the loan by falsely claiming that the property at A-172, Preet Vihar, Delhi, was free from encumbrances. However, investigations revealed that five flats in the said property had already been sold to the Indian Overseas Bank in 2005, a fact concealed by the accused, they said.
After securing the loan, Arora and his mother defaulted on the EMIs. Further scrutiny uncovered that Arora had diverted approximately Rs 1.7 crore of the loan amount for personal use, despite taking the loan in his capacity as the director of Tradenext Securities Ltd, they said.
Mukesh Arora, aged 50, was not only the director of Tradenext Securities Ltd. but also ran other companies, including Westcomb Commodities Pvt. Ltd., Trade Mode Commodities Ltd., and Siyaram Ltd. However, all these companies were shut down due to financial difficulties, said the police.
Arora's main company, Tradenext Securities Ltd., was also embroiled in income tax cases related to tax evasion. Described as a failed businessman in dire need of money, Arora had sold or handed over all his companies before his arrest, added the police. (ANI)