The accused has been identified as Maheshwar Sharma, a resident of Kotla Mubarakpur area. Cops are looking for his associates.
According to police, the accused availed loans to the tune of several crores from Punjab National Bank, Union Bank of India and Deewan Housing Finance Corporation Limited, etc, using a similar modus operandi.
Cops had started an investigation after receiving a complaint from DHFL about a resident of Shakti Nagar and his son having taken two loans of Rs 2.27 crore in February 2015 against a property in Punjabi Bagh. After receiving the loan amount, the accused persons paid only a few EMIs and then defaulted on the payment. When DHFL conducted an inquiry, they found another person living at the mortgaged property.