New Delhi, Dec 22 (PTI) A 40-year-old man was arrested for allegedly cheating a non-banking financial company (NBFC) to the tune of over Rs 3 crore in the city, police said on Tuesday.

The accused has been identified as Ashish Gupta, a resident of Rana Pratap Bagh, they said.

One Mukesh Kumar from the company, Religare Finvest Limited (RFL), alleged that Gupta availed two loans of Rs 2.90 crore and Rs 86 lakh on the basis of forged conveyance deed of mortgaged property 76, Harsh Vihar in Pitampura and sold the same without intimating the lender, a senior police officer said.

Gupta had to repay an interest of Rs 7 to 8 lakh per month on the loans availed from the Punjab National Bank and the Punjab and Sind Bank to the tune of Rs 12 crore, police said.

For this, he availed a loan from RFL hiding the facts that the property was already mortgaged with the Punjab and Sind Bank. In order to cheat RFL, he later sold the property to Bhatia Estates, who cleared the loan of the PSB. The accused defaulted the loan amount and fled from Delhi, they said.

A case was registered in 2014 at Rani Bagh police station and later transferred to the economic offence wing this year.

"During investigation, it was found that Gupta took loans of Rs 6 crore each from Punjab and Sind Bank, Connaught Place, against Harsh Vihar, Pitampura and from PNB, Shalimar Bagh, against Bahadurgarh, Haryana, respectively. He defaulted in both the loans," Joint Commissioner of Police (EOW) O P Mishra said.

The accused was arrested on Monday, he said.

Gupta, along with other accused persons, availed a term loan to the tune of Rs 3.76 crore from RFL on the basis of forged conveyance deed of property in Harsh Vihar, Pitampura, police said.

Later, he sold it to Bhatia Estates without intimating the complainant RFL, they added.

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