Three Properties Were Held To Sell A Delhi Mortgaged Property

Three properties were held to sell a Delhi mortgaged property

New Delhi : , Nov 23, 2009 – The Economic Offences Wing of Delhi Police (EOW) has taken three persons into custody for selling a property that was already mortgaged to Syndicate Bank and deceiving the victim of over Rs 10 crore.
According to EOW DCP Rajeev Ranjan, Rishi Arora and Umesh Azad, who are all Lucknow residents, were arrested in accordance with sections 420, 34 and 50 of the Indian Penal Code.

 Three Properties Were Held To Sell A Delhi Mortgaged Property-TeluguStop.com

The DCP provided details of the case and informed the complainant V.K.Rajpaul is the Director and AR for VKR Constructions Pvt.Ltd.and Vandana Farms and Resorts Pvt.Ltd.filed two separate complaints against Shri Colonizers and Developers Pvt.Ltd., and its directors.

The hotel was a 1,07,640 square foot property.4973.22 sq.ft.Ft.located in Lucknow, with a 1,00,000.sq.For a total consideration of Rs 6,8640,000 for hotel property and Rs 3,9360,000 for residential area, ft.are located at the same place.

The alleged company claimed that the land was used as collateral for a Rs 15 crore bank loan.

The bank took over the land in question after the loan was declared non-payable.Inflicting more than Rs.10 crore of fraud on the complainant, the accused falsely claimed that the land was unencumbered.

DCP Ranjan advised people to do proper checks before they invest in property.He said, “Before you invest in property make sure that the property has not been encumbered.”

IANS
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Disclaimer : TeluguStop.com Editorial Team not involved in creation of this article & holds no responsibility for its content..This Article is Provided by IANS, Please contact IANS if any issues in Article .


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