In a significant development, a well-known builder from Nashik has been taken into custody by the police in connection with a major financial fraud estimated at Rs 23 crore. The arrest was made late on Tuesday by officials from Crime Branch Unit 1, sending shockwaves through the local real estate sector.
The Modus Operandi of the Fraud
The builder, whose identity is central to the case, had developed five residential buildings in the Sansari area, located near Deolali Camp, back in 2019. According to the police, homebuyers had made full payments for their flats and had even taken physical possession of the properties. However, the builder committed a critical breach of trust by failing to prepare and hand over the official sale deeds to the flat owners. This legal lapse meant that the builder technically retained ownership of the apartments.
Exploiting this retained ownership, the accused then allegedly colluded with officials from a private financial firm. He presented the flats as collateral to secure a massive loan of Rs 23 crore. The investigation reveals that the officers from the finance company neglected their due diligence, failing to properly verify the property documents, and approved the loan.
Residents Face Auction Notices, Police Step In
The situation came to a head when the builder defaulted on the loan repayments. In response, the financial firm initiated proceedings to recover its money by deciding to auction the mortgaged flats. This led to the shocking moment when the unsuspecting residents received auction notices at their homes.
Alarmed and seeking justice, a group of affected flat owners approached Nashik's Police Commissioner, Sandeep Karnik, and detailed the entire cheating scheme. Following this, a formal complaint was registered at the Deolali Camp police station. The First Information Report (FIR) was filed by a retired army officer, one of the aggrieved customers, against both the builder and the officials of the private finance company for charges of cheating and misappropriation.
Legal Proceedings and Ongoing Investigation
The arrested builder was presented before a city court on Wednesday. The court, after hearing the initial details of the case, has granted the police three days of custodial remand to facilitate further interrogation and evidence collection.
The case is now under the thorough investigation of Inspector Anchal Mudgal from Crime Branch Unit 1. The probe is expected to delve deeper into the conspiracy, examining the roles of all involved parties, including the officials from the financial institution who allegedly facilitated the loan without proper verification.
This incident highlights a severe vulnerability in real estate transactions and loan disbursement processes, leaving numerous families in a state of distress despite having paid for their homes in full.
