Tenant Turns Fraudster, Allegedly Uses Delhi Landlady's Documents For Rs 18-Crore Loan Scam
The EOW busted an alleged Rs 18-crore loan scam involving forged documents, shell companies, and identity theft, arresting one accused while another remains at large.
Published : June 30, 2026 at 5:33 PM IST
New Delhi: The Economic Offences Wing (EOW) of the Delhi Police has unearthed an alleged Rs 18-crore bank loan fraud in which a woman's identity and property documents were allegedly misused to obtain loans, mortgages and overdraft facilities from a bank.
Police have arrested Sanjeev Dixit, one of the key accused in the case, while the alleged mastermind, Sachin, remains absconding. Efforts are underway to trace him.
According to the police, the case dates back to June 2012, when Usha Rani Sethi, a 55-year-old widow living in Vivek Vihar, East Delhi, decided to rent out two newly constructed flats. Two men, identified as Sachin and Sanjay, approached her claiming they urgently needed accommodation.
Sachin allegedly introduced himself as the owner of a metal trading firm, Jagdamba Metals, and rented the second-floor flat for Rs 47,000 per month, while Sanjay rented a smaller third-floor flat for Rs 17,000 per month.
Investigators later found that Sachin allegedly never intended to live in the property. Instead, police said, he wanted to obtain the landlady's personal information and property documents through the rent agreement. After staying briefly, both men allegedly vacated the flats without informing the owner.
Fraud Came To Light In 2013
The alleged fraud surfaced in April 2013, when two Supreme Court lawyers visited Usha Rani Sethi's residence and informed her that loans worth Rs 70 lakh had been obtained from Punjab & Sind Bank against her flats and that the repayments had fallen into default.
Following her complaint, the investigation revealed that the accused had allegedly used forged documents and her identity to obtain bank loans, mortgage facilities and overdrafts worth nearly Rs 18 crore in the names of different companies.
Police said the money was allegedly routed through 11 shell companies before being withdrawn in cash.
Investigators said the accused adopted an elaborate plan to execute the alleged fraud.
Police said they procured the PAN card of another woman from Odisha who had the same name, Usha Rani Sethi, but had no connection with the Delhi resident. While the PAN card carried the same name, the photograph and signatures belonged to a different person.
According to investigators, another woman was allegedly impersonating Usha Rani Sethi before the Sub-Registrar's office to bypass the verification process.
Police alleged that the impersonator submitted forged sale deed documents transferring ownership rights in favour of Sachin.
Criminal History And Arrest
During a fresh examination of documents, the EOW found that Sanjeev Dixit, Sachin's brother-in-law, was allegedly involved in the conspiracy and had been operating under multiple aliases.
Police said Dixit has an extensive criminal record. A CBI case for alleged fraud was registered against him in 2011, and he has also been named in 10 other criminal cases, including those under the Prevention of Corruption Act. According to investigators, Dixit was arrested by the Uttar Pradesh Police in 2017 but allegedly escaped from custody while being taken to court.
After remaining on the run for nearly a decade, he was re-arrested by the CBI in January and lodged in Tihar Jail. Delhi Police formally arrested Dixit in the present case on June 25.
Police said efforts are continuing to trace the main accused, Sachin, while the role of the third accused, Sanjay, is also under investigation.
Also Read:
