Pune Real Estate Fraud: Finance Firm and Bank Booked for ₹42L Loan Scam
A housing finance firm and a private bank have been booked for allegedly facilitating a ₹42.50 lakh loan fraud in Pune, where a buyer cheated a real estate developer by taking multiple loans against a property.
Real Estate FraudLoan FraudHousing FinancePrivate BankPuneReal Estate PuneJun 27, 2024
The loan fraud took place between May 23, 2023, and December 29, 2023, at Venkatesh Orchid Society, Ambegaon Budruk. According to the FIR, Dange showed his willingness to buy flat number 101 at Venkatesh Orchid Society and signed an agreement to buy the property for ₹44.50 lakh. He initially paid ₹2 lakh to the builder through RTGS and told him that the remaining amount would be paid at the time of signing the final agreement.
However, Dange later told the builder that the home loan was not sanctioned as the agreement had mentioned the second floor instead of the first floor. The builder became suspicious and discovered that Dange had mortgaged the flat in both the Bibwewadi branch of the private finance company and the Bhandarkar Road branch of the private bank.
Police Inspector Dashrath Patil, in charge of Bharati Vidyapeeth police station, said, 'The accused took two loans against the property and cheated the complainant for ₹42.50 lakhs. He opened a bogus bank account in the name of Sai Developers at another private bank and deposited the loan amount taken from the two financial institutions in the said bank. From there he siphoned off the amount. The bank manager did not check the veracity of the documents and twice sanctioned the loan.'
The case highlights the importance of due diligence and strict adherence to standard practices of loan sanction by financial institutions to prevent such frauds. It also underscores the need for real estate developers to be cautious while dealing with buyers and to thoroughly verify their credentials.
Information Piramal Capital and Finance Company is a leading housing finance firm in India, providing home loans and other financial services to customers. The company has a strong presence in the Indian market and is known for its customer-centric approach.
Bharati Vidyapeeth is a police station in Pune, Maharashtra, India, that is responsible for maintaining law and order in the region.
Frequently Asked Questions
What was the amount of loan fraud in Pune?
The amount of loan fraud was ₹42.50 lakh.
Who was the accused in the loan fraud case?
The accused was Nikhil Kisan Dange, a 32-year-old resident of Saili Society, Baner.
What was the role of the housing finance firm and private bank in the loan fraud?
The housing finance firm and private bank were allegedly facilitating the loan fraud by not adhering to standard practices of loan sanction.
How did the accused cheat the real estate developer?
The accused cheated the real estate developer by taking multiple loans against a property and siphoning off the amount.
What is the importance of due diligence in preventing loan frauds?
Due diligence is crucial in preventing loan frauds as it helps in verifying the credentials of borrowers and ensuring that loans are sanctioned only after thorough verification of documents and creditworthiness.
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