NCR builders bag loans using dummy buyers
They default on EMIs, loan-takers pushed to suicide
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.”