Gurugram: General manager of loan company arrested for embezzling Rs 11.25 cr

Gurugram, Sep 6 (PTI) A general manager of a private loan provider company was arrested for allegedly embezzling Rs 11.25 crore, the police said on Saturday.

The accused, in collusion with other officers and employees of the company, allegedly embezzled funds by collecting money under the guise of loan repayments. He would close loans by accepting a smaller amount than the total sanctioned amount and then issuing fake No Objection Certificates (NOCs) to the customers, the police mentioned further.

According to the police, an anonymous complaint was received by post on June 18, stating that the accused was providing fake NOCs and illegally closing loans for lower amounts, which resulted in the embezzlement of the money collected from customers.

The accused deceived both the organisation and the customers by failing to deposit the money into the company's accounts, the police said.

The name of the company has not been disclosed by the police.

An FIR was registered at the metro police station, leading to the arrest of Satish Chandra (32) from Gurugram on Friday, the police said.

Chandra, a resident of Allahabad in Uttar Pradesh, is an MBA holder. He was working with the company as general manager for the last two years.

"The investigation revealed that the accused, along with his other accomplices, had embezzled the money of 588 customers," a spokesperson for the Gurugram police said.

A total loan of Rs 19,40,20,000 was sanctioned, out of which more than Rs 8 crore was paid by the customers in the form of instalments, while the remaining Rs 11.25 crore was embezzled, the officer stated, adding that further investigation is underway. PTI COR SHS SHS MPL MPL