A case of alleged fraud has come to light in Kondhwa, Pune, involving a builder who is accused of fraudulently obtaining a loan by registering a mutual mortgage on a flat in Gagan Emerald Society located in Saibabanagar, Kondhwa.
The Kondhwa police have registered a case against the builder, Sushil Agarwal, and Ghanshyam Agarwal, in response to a complaint filed by flat owner Shabana Nafees Sheikh.
Shabana Shaikh, a resident of Gagan Emerald Society since 2017, purchased a flat from Agarwal through Raisoni Vastu Shilp Venture in June 2017. However, in April 2023, Sheikh discovered a ‘symbolic seizure’ notice pasted on her door by a finance company. Upon questioning Agarwal, he promised to resolve the issue through a letter. However, on June 28, the finance company initiated the process of selling Sheikh’s flat.
It is alleged that the builder fraudulently obtained a loan from the finance company by mortgaging the flat that Sheikh owned. Sheikh’s complaint also revealed that the builder had registered mortgages for 28 other flats and six shops, using them as collateral to secure additional loans.
Salim Ansari, Secretary of Gagan Emerald Society, expressed shock and disappointment over the situation, stating that the residents had invested their life savings into their flats and feel cheated. They are prepared to fight a legal battle to seek justice.
Sushil Agarwal, the developer, acknowledged the loan from the finance company and mentioned that discussions are underway to address the issues.
Senior Police Inspector Santosh Sonwane of Kondhwa Police Station confirmed the registration of the case based on the complaint filed by the flat owner. Statements from other flat holders are yet to be recorded, and their input will help determine the full extent of the alleged fraud. The case has been classified under the Economic Offences Wing, and the investigation will commence within the next few days after a thorough examination of all relevant documents.
Advocate Md. Arshad Nehal is representing the society and its flat owners. He stated that it is a clear case of fraud and collusion between the builder and the financial institution. Legal actions, both civil and criminal, have been initiated against the wrongdoers, and the fight for justice will continue until all flats are released from this fraudulent loan and those responsible are held accountable.
