Bhopal: The Misrod police have booked the owner of the Chinarr Group, Suneel Mulchandani, for a fraud of over Rs 100 crore. The accused had fraudulently taken the amount from Mumbai-based DHFL Bank, in connivance with the bank employees.
SHO, Misrod, Niranjan Sharma said the accused, Suneel Mulchandani, and Gopichand Mulchandani had been developing a township in Misrod in 2009. When the accused failed to sell 220 flats of the 800 flats and fell short of funds, he approached the land owner. The land owner had inked an agreement with the accused and there was a fixed commission to the owner on the sale of each flat. On the basis of the land, he procured a loan of Rs 44 crore in 2012.
Later, he again fell short of funds and took a loan of Rs 63 crore from DHFL Bank.
The accused did not stop here as, after he fell short of funds again, he took a loan of Rs 100 crore from the bank.
However, he had returned Rs 80 crore to the bank before borrowing Rs 100 crore.
When the bank management grew suspicious, they carried out an audit and it was found that their firm’s employees had facilitated the loan to the accused without the top brass being in the know of it.
The accused directors of the bank, Kapil Wadhwan and Dheraj Wadhwan, and the other accused employees of the bank are on the run. A CBI inquiry is underway against the accused Wadhwan duo in Mumbai.
The SHO said the accused were also facing several cases of cheque bounce at the Kolar police station in Bhopal.