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Banks rs 4733 crore loan for builder

Nov 06 2024

Banks rs 4733 crore loan for builder

In its latest chargesheet related to an alleged financial misconduct case, investigators stated that loans amounting to ?4,733 crore provided by a private lender were diverted to a group of builders who had not settled their earlier dues with the bank.

According to court documents reviewed, the agency alleged that a senior official of the bank approved these loans in exchange for ?600 crore received as undue benefit through entities linked to his family members.

A fresh supplementary chargesheet has been filed against 41 accused individuals and entities connected to the matter. Investigators stated that between 2009 and 2017, several builders obtained multiple loans from the lender but failed to hand over properties to buyers who had already paid part or full amounts.

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