Pune: Builder Accused Of Fraudulently Obtaining Loan Using Already Sold Flats As Collateral In Kondhwa

Kondhwa, 13th July 2023: A shocking case of alleged fraud has come to light, involving a builder who reportedly obtained a loan by registering a mutual mortgage on a flat in Gagan Emerald Society, located in Saibabanagar, Kondhwa, Pune.

The Kondhwa police have registered a case against the builder in response to a complaint filed by flat owner Shabana Nafees Sheikh. The accused identified in the case are Sushil Agarwal and Ghanshyam Agarwal.

According to the police, Shabana Shaikh has been a resident of Gagan Emerald Society since 2017. She purchased a flat from Agarwal through Raisoni Vastu Shilp Venture in June 2017. However, in April 2023, Sheikh discovered a ‘symbolic seizure’ notice pasted on her door by a finance company. Upon questioning Agarwal, he promised to resolve the issue through a letter. However, on June 28, the finance company initiated the process of selling Sheikh’s flat.

It is alleged that the builder fraudulently obtained a loan from the finance company by mortgaging the flat that she owned. Sheikh’s complaint also revealed that the builder had registered mortgages for 28 other flats and six shops, using them as collateral to secure additional loans.

Salim Ansari, Secretary of Gagan Emerald Society, expressed shock and dismay over the situation, stating, “We purchased flats in 2017 and moved in. However, we were taken aback when these events unfolded in April 2023. Our entire life savings have been invested in this flat, and we feel cheated. We are prepared to fight a legal battle to seek justice.”

On the other hand, Sushil Aggarwal, the developer, acknowledged the loan from the finance company and mentioned that discussions are underway to address the issues. He stated, “There were some issues with the loan, but we are working towards resolving them.”

Senior Police Inspector Santosh Sonwane of Kondhwa Police Station confirmed the registration of the case based on the complaint filed by the woman flat owner. Statements from other flat holders are yet to be recorded, and their input will help determine the full extent of the alleged fraud. The case has been classified under the Economic Offences Wing, and the investigation will commence within the next three to four days, following a thorough examination of all relevant documents.

Advocate Md. Arshad Nehal has been representing the society & its flat owners. Adv Arshad Nehal said, “It is a clear case of fraud and seems to be collusion between builder & financial institution. We will continue to fight for justice, till we get all flats released from this fraudulent loan & put all the cheaters behind bars.”

He also said, “We have initiated proper civil & criminal legal actions against all the wrongdoers.”