Ludhiana: Three Ludhiana residents have been booked on charges of allegedly defrauding Indian Bank of nearly Rs 68.9 crore through defaulted loan accounts and forged transactions.The accused have been identified as Dharampal Jain, Jainender Jain and Anju Jain, while two of their associates are yet to be identified. The case was registered on the complaint of Sandeep Rathi, chief manager of Indian Bank’s stressed assets management vertical branch, Chandigarh.According to the complaint, the accused operated various business firms in Ludhiana and availed multiple credit facilities from the bank. The bank has alleged that the firms and their proprietors/partners engaged in acts that resulted in substantial financial losses to the institution.The FIR names Dharampal Jain and Jainender Jain, partners in Shree Vallabh Exports and Shree Vallabh Overseas, and Anju Jain, proprietor of A and J Impex. Two unidentified private individuals and two unidentified public servants have also been named for their alleged involvement in the fraud.The complainant stated that the alleged fraud caused a loss of Rs 68.91 crore as on March 31, 2026, excluding accrued interest. The bank has already sold several properties linked to the borrowers as part of recovery proceedings.ASI Jasvir Singh, the investigating officer from Division No. 2 police station, said the case was registered following an inquiry. The accused have been booked under Sections 406 (criminal breach of trust), 420 (cheating) and 120-B (criminal conspiracy) of the IPC.Police said further investigation is underway.
