REALTY BITES: LOANS TAKEN, RE­PAID BE­HIND THEIR BACKS

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - NAVI MUMBAI - Jee­van Prakash Sharma jee­van.sharma@hin­dus­tan­times.com

NEW DELHI: Pranab Bhakta was stunned when he re­ceived a let­ter from the Re­serve Bank of In­dia (RBI) in Septem­ber for a loan he never took. When the 55-year-old man chased the Noida-based No­ble Co-op­er­a­tive Bank, which had ap­par­ently sanc­tioned a Rs30-lakh loan to him, what un­folded was a unique fraud in the real es­tate sec­tor which is al­ready un­der scru­tiny for large scale scams.

But Bhakta is not alone. HT has found more than 30 other home buy­ers whose names have been used to take loans in the range of Rs15-40 lakhs from the same bank by the same builder for its con­tro­versy-rid­den res­i­den­tial project “Charms” in Greater Noida.

A rou­tine in­spec­tion on the loans had raised sus­pi­cion in the cen­tral bank. All the pro­mot­ers of the project — de­vel­oped by Shiv Kala Builder — are in jail af­ter an HT re­port in Novem­ber 2013 ex­posed how flats were sold to mul­ti­ple buy­ers with mul­ti­ple fi­nances from well­known banks.

But this is the first in­stance in which it has come to light that loans were ex­tended to the de­vel­oper in the name of buy­ers with­out their knowl­edge.

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