NCR builders bag loans us­ing dummy buy­ers

They de­fault on EMIs, loan-tak­ers pushed to sui­cide

DNA (Daily News & Analysis) Mumbai Edition - - FRONT PAGE -

amount into their busi­nesses.

The modus operandi goes like this: Mo­hit Sax­ena (31), fa­ther of an in­fant, ur­gently needed money in 2015. He owed nu­mer­ous loans for his mother’s treat­ment, his sis­ter’s and his own mar­riages. Two agents, Nan­dan Jha and and his wife, then work­ing, is now with­out a job.

Within a few months, Mo­hit started get­ting calls from the bank as the builder had stopped pay­ing the EMIs. Caught in a ter­ri­ble debt trap, Mo­hit at­tempted sui­cide twice. “First, I tried to jump be­fore a Metro train, but a trav­eller pulled me back. Af­ter that I tried to hang my­self,” he said. “Af­ter de­mon­eti­sa­tion, the builder has stopped pay­ing the EMIs for all the three loans… loans which are in my name. I don’t know how will I pos­si­bly re­pay a Rs 1.5-crore loan with a monthly salary of Rs 50,000.”

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