Sleuths of the Economic Offences Branch of the CBI, Chennai, have booked a landlord, a builder, two bank valuers, two buyers, and unknown others for cheating a bank of ?5.5 crore by availing two housing loans for the same property.

As per the FIR, two siblings from Puducherry approached a bank branch in Iyyapanthangal in 2020 for a housing loan of ?5 crore to buy a villa on a plot measuring 4,520 sq ft with a super built-up area of 5,500 sq ft at Tiruporur on ECR. Bank-empanelled valuers submitted reports stating the property was worth ?6.3 crore, following which a housing loan of ?4.26 crore was sanctioned. The siblings paid monthly installments regularly until April 2021, after which they sought relaxation due to the Covid-19 pandemic. The repayment period was subsequently extended until July 2023.

The bank later discovered that the villa purchased from the builder was not new but built in 2016, and that a housing loan had already been disbursed for the property. An audit revealed that the plan approval for the layout was received in 2011, though the plot was regularised only in 2019. The actual value of the property was found to be ?3.5 crore, significantly lower than the loan disbursed. Suspecting the involvement of the landowner, the bank lodged a complaint with the CBI for prosecution. The bank then approached the Madras High Court, which recently directed the CBI to register a case against the suspects for further investigation.

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