Ludhiana, Feb. 28 -- The Division Number 5 police have booked a city-based businessman and five of his family members for allegedly defrauding a small finance bank of nearly Rs.18 crore by mortgaging properties and defaulting on loan repayments.

The FIR was registered following a complaint by Gaurav Gupta, an official of a small finance bank in Ludhiana. The accused have been identified as Ashish Modi of Mullanpur on Jagraon Road, Anubhav Modi and Sarika Modi of Modi Enclave on Barewal Road, Rohini Modi of Rajguru Nagar, and Sahil Modi and Vijay Modi of Gurdev Nagar.

According to the complaint, the accused mortgaged three properties with the bank and secured loans amounting to Rs.9.55 crore and Rs.8.44 crore in the names of their firms....