Delhi man arrested for cheating people to the tune of Rs 18.75 cr

The Economic Offences Wing of the Delhi Police arrested a 45-year-old man who inveigled people into pledging their properties to a bank by painting a rosy picture of the gold and diamond business before them. He then enjoyed the banking facilities and obtained cash credit from the bank to the tune of Rs 18.75 crores.

The accused, Sanjay Tulsyan, a resident of Ramesh Nagar in Delhi, duped gullible people by convincing them that if they pledge their property to a bank, then his company, SSP Diamond, can avail cash credit which can be used to run the said business.

Furnishing details, Joint Commissioner of Police (Economic Offences Wing) Chhaya Sharma said that the present case was registered based on the complaint of five victims.

“Based on the inducement and representation, the complainant pledged their properties with Indian Overseas Bank and the company, SSP Diamond, had obtained cash credit facilities from the bank to the tune of Rs 18.75 crores,” the Jt CP said.

It was agreed between the parties that the properties would be pledged for a period of only one year and after the expiry, the properties would be released from the bank and the title would be handed over to the complainants along with the proportionate profit obtained through business.

“However, after availing the CC limit from the bank, the accused Sanjay Tulsyan with other co-accused enjoyed the banking facilities and after expiry of the agreed time, released neither the properties nor shared the profits,” the senior official said, adding that in order to defraud the complainant, the accused had diverted the stocks of the company and declared his bank account as Non Performing Asset (NPA).

After this, the bank initiated SARFAESI proceedings and the properties of the complainants were auctioned. The official said, in September 2019, the wife of the accused was arrested and after that Tulsyan absconded and was subsequently declared a proclaimed person.

The police kept technical surveillance on the accused and finally with local enquiry on the ground, nabbed him from his rented accommodation in Ramesh Nagar.

The accused has been taken into police custody in order to unearth the entire conspiracy, the official said, adding, that further investigation is in progress.


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