New Delhi, Mar 29 (IANS): A 76-year-old Indian-origin British national has been arrested for forging a Finance Ministry notification that was used to stay the SARFAESI proceedings against his own company, Delhi Police said on Tuesday.

Bharat Amritlal Parikh, a resident of Wimbledon in London, was detained at the Delhi airport on his arrival from London and thereafter arrested in the present case.

Furnishing details, Joint Commissioner of Police, Economic Offences Wing, Chhaya Sharma said a complaint was received from the Finance Ministry that a forged notification was used to stay the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) proceedings against the GPT Steel Industries Ltd, Ahmedabad. The company raised a loan from Punjab National Bank which turned NPA in 2008, having an exposure of Rs 518 Crore.

"Later on, SARFAESI proceedings were initiated by the Bank. On the basis of said forged notification, the District Magistrate, Bhuj had put the possession of mortgaged property and SARFAESI action against the alleged company on hold," she said.

During investigation, it was found that the Parikh, in conspiracy with his associates prepared and used the forged notification in getting the SARFAESI proceedings stayed. Verification made at Bhuj and the details procured from various quarters have established the factum of forgery, the Joint CP said.

Sharma said that Parikh has been taken in police custody and further investigation to trace remaining accused persons is in progress.