CBI Nabs Absconding Accused In 8-Year-Old Housing Loan Fraud Case

(MENAFN- IANS) New Delhi, July 5 (IANS) In a significant breakthrough, the Central Bureau of Investigation (CBI) on Friday arrested Harsh Sharma, an accused who had been absconding for eight years in connection with a housing loan fraud case involving Punjab National Bank.

According to the CBI, the case was registered on August 2, 2017, against Sharma and others, including the builder M/s Shree Balaji Hitech Construction Pvt. Ltd, for allegedly defrauding the public sector bank through a bogus housing loan racket. Sharma, who had remained untraceable since the registration of the FIR, was arrested on Friday following sustained efforts by the investigative agency.

"Investigation revealed that Harsh Sharma had entered into a criminal conspiracy with the builder M/s Shree Balaji Hitech Construction Pvt Ltd and supplied KYC documents based on which the lender bank Punjab National Bank was induced to disburse a housing loan to the builder," the CBI said in a press statement.

"The accused was one of the bogus buyers of a flat which was sold on paper to multiple bogus buyers to secure a loan from the bank," it added.

The agency had filed a chargesheet in the case on March 19, 2024, before the Special Judicial Magistrate (CBI), Ghaziabad.

After Sharma repeatedly failed to appear before the court, a non-bailable warrant was issued against him. He was finally tracked down and arrested on Friday.

"After strenuous efforts to locate the accused, the CBI team executed a Non-Bailable Warrant today morning and arrested the absconding accused," it said.

Sharma was produced before the Special Judicial Magistrate (CBI), Ghaziabad, who remanded him to judicial custody till July 15, 2025.

The investigation into the wider conspiracy and involvement of other individuals is still ongoing, the agency noted.

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