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Partners of a construction and real estate firm arrested in loan fraud case

Oct 19 2024

Partners of a construction and real estate firm arrested in loan fraud case

The Directorate of Enforcement (ED), Lucknow zonal office, on Thursday arrested a Ghaziabad-based realtor in a ?28 crore bank loan fraud case. He was produced before the special judge at the CBI court-1 (Special Court, PMLA), Ghaziabad, which sent him into ED custody until October 24.

The investigation revealed that the realtor, through his partnership firm, conspired with associates and guarantors to obtain loans and financial facilities from a bank by submitting fake and forged documents along with inflated valuation reports of mortgaged properties, intending to defraud the bank.

ED provisionally attached several immovable assets totaling ?14.89 crore, including flats, a commercial shop, and residential and industrial plots. These were registered in the names of the realtor, his family members, and other associated companies.


 

 

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