Delhi Police EOW held three for selling property already mortgaged with the bank

New Delhi, November 24

The Delhi Police EOW three for selling property already mortgaged with the bank

The accused have been identified as Umesh Azad, Rishi Arora and Manoj Dwivedi.

The EOW stated that the accused sold the property already mortgaged with Syndicate Bank and duped the complainant of more than Rs. 10 crores.

The EOW added that complainant Vinod Kumar Rajpaul, Director and AR of two companies namely M/s VKR Constructions Pvt. Ltd. and its sister concern M/s Vandana Farms and Resorts Pvt. Ltd. filed two different complaints against M/s Shri Colonizers and Developers Pvt. Ltd. and its directors for selling a hotel property having FSI Area of 107640 sq. ft. along with proportionate land area 4973.92 sq. ft. situated at International Business Bay-2, Sushant Golf City, Sultanpur Road, Lucknow, UP and residential area of 1,00,000 sq. ft. situated at the same location for a total sale consideration of Rs. 6,86,40,000/- (for hotel property) and Rs. 3,93,60,000/- (for residential area) to them.

In the complaint it was alleged that the land in question was already put as security against a bank loan of Rs. 15 crores by Shri Colonizers and Developers Pvt. Ltd. In the meantime, the loan became NPA, resulting in the bank taking over possession of the questioned land.

The accused misinterpreted the complainant that the land in question was free from all encumbrances. Later on, it was revealed that the said land was mortgaged with Syndicate Bank for a loan of Rs. 15 crores and subsequently, the possession of the land was with the bank as the loan became NPA.

Message for general Awareness:

1.Be a smart investor, take proper precautions before investing. 

2.Don’t invest hard earned money in greed of higher returns. 

3.Apply the concept of Buyer Beware

4.Check identity of seller, every time

5.Whether the property is free from all encumbrances