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Three held for selling mortgaged property in Delhi

 
New Delhi, Nov 23 (IANS) The Economic Offences Wing (EOW) of Delhi Police has arrested three people for selling a property already mortgaged with Syndicate bank and duping the complainant of more than Rs 10 crore.

Rishi Arora, Umesh Azad and Manoj Dwivedi, all residents of Lucknow, have been arrested under sections 420 and 34 of the Indian Penal Code, said EOW DCP Rajeev Ranjan.

Furnishing details about the case, the DCP informed that the complainant V.K. Rajpaul, Director and AR of two companies-- VKR Constructions Pvt. Ltd. and its sister concern Vandana Farms and Resorts Pvt. Ltd-- filed two different complaints against Shri Colonizers and Developers Pvt. Ltd. and its directors.

They were charged with selling a hotel property having area of 1,07,640 sq. ft. with proportionate land area of 4973.92 sq. ft. in Lucknow and a 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.

It was alleged that the land in question was already put as security against a bank loan of Rs 15 crore by the alleged company.

In the meantime, the loan became NPA, resulting in the bank taking over possession of the questioned land. The accused duped the complainant for more than Rs 10 crore by misrepresenting the complainant that the land in question was free from all encumbrances.

DCP Ranjan urged the people to take proper measures before investing in any property. "Before investing in property, do proper verification and check whether the property is free from all encumbrance," he said.

-- IANS
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