Builder, loan agent held for duping bank of Rs 48 lakh

MUMBAI: Pune builder Rashikant Shah (59) and a loan agent, who allegedly forged home loan documents and duped Bank of India to the tune of Rs 48 lakh, were arrested by Azad Maidan police on Sunday evening.
Shah of Prithvi Builders along with loan agent Jitendra Gandhi (49) were arrested under IPC sections for cheating, forgery, breach of trust and criminal intimidation. Investigating officer Shivaji Pasalkar said they will be produce before a court on Monday.
This is the fourth arrest in the case.In November last year, police had arrested Thane businessman, Ajay Dhawan, who allegedly forged home loan documents, mortgaged a property to two banks, and failed to repay a loan of Rs 48 lakh.
Deputy commissioner of police (zone 1) Manoj Sharma said the complainant was Bank of India. The bank alleged in its complaint that in 2011 Ajay and his father Pawankumar, from Kolbad Road in Thane, applied for a home loan. The Dhawans submitted property documents claiming they had purchased a duplex at Prithvi Gardens, Ghorpadi, Haveli district, in Pune.
“Initially (2012-14), the Dhawans paid instalments of around Rs 16 lakh. Later, when they defaulted, the bank served them a notice,” said Pasalkar.
In 2015, when the bank initiated further proceedings, another bank sent a letter to Bank of India, stating that the Dhawans had already mortgaged the flats with some other bank and had taken a loan of Rs 50 lakh. While Ajay allegedly submitted fake documents, Shah had allegedly given a no-objection certificate to Bank of India that the property was not mortgaged to any financial institution, and hence hid the facts and duped the bank. During investigations, it transpired that some absconding accused allegedly opened a fictitious bank account in Shah’s name and diverted Rs 48 lakh to fictitious accounts. “We are looking for six to seven more persons, who are beneficiaries,” added Pasalkar.