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A Delhi-based woman alleges two former tenants forged her identity to secure loans worth ₹18 crore through multiple shell firms
Police say two men she rented the properties to used forged documents and fake identities to secure loans worth ₹18 crore in her name (Image-AI)
A Delhi woman has alleged that two former tenants turned her life upside down by using forged documents and fake identities to secure loans worth nearly ₹18 crore in her name. Police say the alleged fraud involved forged signatures, shell companies, and a carefully planned scheme spanning several years.
The alleged fraud dates back to 2012 when 55-year-old Usha Rani Sethi, a resident of Vivek Vihar in East Delhi, rented out two newly purchased flats in Block D to two men who introduced themselves as businessmen, according to a report by The Indian Express. Police said one of the accused has since been arrested, while another remains absconding.
Investigators said the accused allegedly secured loans in the names of multiple companies, routed the money through 11 shell firms, and later withdrew the funds, making the total value of the alleged fraud approximately ₹18 crore.
Police said the incident began in June 2012, when Sethi was looking for tenants for her two apartments. Two men, identified as Sachin and Sanjay, approached her seeking accommodation. Sachin allegedly claimed he owned a metal trading company called Jagdamba Metals, while Sanjay introduced himself as his business associate.
Recalling the arrangement, Sethi told investigators, “I had rented out the flat on the second-floor to Sachin for around ₹47,000 and the smaller one on the third to Sanjay for ₹17,000. The rent deeds were registered at the Sub-Registrar’s office. After some time, both of them left.”
According to police, the accused allegedly never intended to stay at the property. An investigating officer said, “Officers found Sachin never intended to live in Usha’s flat. He just wanted a rent agreement so they could get the details of the property and of Usha that he could use later to obtain loans, mortgages and an overdraft.”
Alleged Scam Surfaced After Loan Default
The fraud allegedly came to light in April 2013 when two advocates from the Supreme Court visited Sethi’s residence and informed her that a loan of around ₹70 lakh had allegedly been taken against her flats from Punjab and Sind Bank and had gone into default.
Shocked by the revelation, Sethi approached the police and filed a complaint. During the investigation, officers allegedly discovered that loans worth nearly ₹18 crore had been secured using forged documents in her name.
Police said the money was obtained through different companies before being transferred across 11 shell companies and eventually withdrawn.
A police officer said the accused had fabricated ownership records to facilitate the fraud. “They claimed that she had transferred the sale deed (ownership) of the property to accused Sachin.
He had, however, produced documents bearing Usha’s name to avail loans. She reviewed the documents and found a copy of a PAN card bearing her name, but with a different photo. The signatures were not hers either,” the officer said.
Fake Identity Allegedly Used To Bypass Verification
Investigators later visited the Sub-Registrar’s office to verify the paperwork. Officials reportedly informed police that a woman identifying herself as Usha had appeared there in February to complete the required formalities.
According to a senior police officer, the accused allegedly obtained the PAN card details of another woman named Usha Rani Sethi from Odisha, who had no connection with the complainant.
“The accused managed to source the PAN card of another Usha Rani Sethi from Odisha. This person had no connection with the complainant. They then hired another woman who went to the Sub-Registrar’s office impersonating Usha. The accused bypassed the document-verification mechanism at the Sub-Registrar’s office,” the senior officer said.
Police believe the forged documents and the registered rent agreement enabled the accused to gain access to the complainant’s property records. Investigators alleged that the property was fraudulently transferred to Sachin, who, along with his brother-in-law Sanjeev Dixit, obtained loans worth ₹18 crore in the name of Jagdamba Metals.
Economic Offences Wing Reopened The Investigation
After the investigation reportedly remained stalled for several years, the Economic Offences Wing (EOW) of Delhi Police reopened the case.
During the fresh probe, officers found that Sanjeev Dixit had allegedly been operating under multiple aliases. Police said he had previously been named in several criminal cases, including one registered by the CBI in 2011.
According to investigators, Dixit was arrested by Uttar Pradesh Police in 2017 but allegedly escaped while being taken to court. After remaining absconding for nearly a decade, he was arrested by the CBI in January this year and is currently lodged in Tihar Jail.
Police said the investigation into the alleged ₹18 crore fraud is ongoing, while efforts continue to trace the remaining accused and establish the full extent of the financial network allegedly used to execute the scam.
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