B'luru Police register FIR against developer, bank official in ₹130 crore housing fraud case
Bengaluru: According to police officials the Central Crime Branch (CCB) of the Bengaluru police has registered a case against Shore Dwellings Pvt Ltd, senior officials of ICICI Bank, Kappa Developers LLP and others over an alleged housing fraud involving more than ₹130 crore on Friday.
The case relates to the stalled ‘Mantri Vantage’ residential project in Pune which is developed by Shore Dwellings Pvt Ltd, a subsidiary of Mantri Developers Pvt Ltd., as reported by The Indian Express. Citing alleged financial irregularities and cheating of homebuyers, the FIR was registered after a complaint was submitted to the Bengaluru Police Commissioner.
According to the complaint, Shore Dwellings entered into joint development agreements with landowners and developers for constructing residential apartments in Kharadi and Ghorpadi villages of Haveli taluk in Pune district. The company allegedly assured delivery of 123 flats and collected around ₹70 crore from homebuyers through advance bookings and installments.
The complainants have alleged that the developer mortgaged the project land to Yes Bank and availed loans of about ₹40 crore. The loans were later taken over by ICICI Bank. It is alleged that ICICI Bank sanctioned loans amounting to nearly ₹130 crore, of which over ₹60 crore was disbursed, despite limited construction progress on the ground.
The complaint further alleges that bank officials released funds in violation of project finance norms. It also mentions that portions of the loan amount were diverted for purposes unrelated to construction. In December 2021, an agreement was allegedly entered into with Kappa Developers LLP to develop the project without adequately protecting the interests of existing flat purchasers.
Other accused named in the FIR include Plaza Agencies Pvt Ltd and Nidhi Jain. Sources cited by TIE said that while the loans were sanctioned and monitored by banks and financiers based in the city, the promoters of the project operated from an office on Vittal Mallya Road in Bengaluru, giving the Bengaluru police jurisdiction in the matter.
The FIR was lodged under provisions of the IPC, related to criminal conspiracy, cheating, dishonest misappropriation, criminal breach of trust and forgery.
Sources quoted by TIE informed that the project was originally scheduled for completion in December 2019. But due to Covid-19 pandemic it was halted. By 2021, the promoters allegedly became unresponsive. Many of the 123 buyers, most of them senior citizens, later learnt that the project had been mortgaged and that the loan account had been classified as a non-performing asset in 2019.
Attempts were reportedly made in 2021 to revive the project through a one-time settlement involving lenders and a third-party developer, but the plan did not fructify. In December last year, buyers said they discovered a possession notice at the site and became aware of financial and legal arrangements that had not been disclosed to them earlier.
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Delhi: Father, son held for killing 19-year-old woman in suspected honour killing
New Delhi (PTI): The Delhi Police has arrested a man and his son for allegedly murdering his 19-year-old daughter in west Delhi's Hari Nagar area, an official said on Friday.
The case first came to light on April 1 after a PCR call was received around 2 pm, alleging that a woman had been killed by her family members and her body was being taken for last rites, he said.
The accused, identified as Mohammad Maneer (55), a vegetable vendor, and his son Meraj Ali (19), were arrested in connection with the case, the officer said.
The victim had been in a relationship with a man from her native place for the past two years, which was opposed by her father, Maneer and brother Meraj, he said.
"When the girl did not end the relationship despite objections, the family killed her," the officer said.
On April 1, the police said that when their team reached the spot, they found that the woman's body was being taken for burial.
Acting on the input, the burial process was stopped over suspicion of honour killing.
"Police intercepted the family members and took possession of the body," he said.
Police said that the man who had made the PCR told them that the woman was in love with his cousin.
During the inquiry, police also interacted with the PCR caller, who said his cousin, a friend of the deceased, had informed him about the situation and suspected foul play, prompting him to alert the police control room.
The body of the woman was subsequently shifted to the mortuary of Deen Dayal Upadhyay Hospital for preservation and postmortem.
Police said that both the crime team and the forensic science laboratory (FSL) team were called to inspect the scene and collect evidence.
Police said that, as per the postmortem report, the cause of death was identified as smothering, indicating that the woman was suffocated.
A preliminary inquiry also revealed that the family had initiated preparations for the last rites soon after the woman's death, raising suspicion about the circumstances.
Initial investigation pointed to the family's opposition to the woman's relationship.
"The family members of the woman saw her with the man, and she was taken back home. We got to know that she was beaten up and even locked inside the house for some days," a source said.
Further investigation into the matter is underway, police added.
