REALTY BITES: LOANS TAKEN, REPAID BEHIND THEIR BACKS
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.