Indore: District administration on Tuesday sealed notorious land shark Arun Dagaria’s posh bungalow worth crores under the ongoing Operation Clean. Dagaria had defaulted Rs 8 crore loan from India Infoline Finance Limited (IIFL)
Arun Dagaria is a known land shark. His name was included in the list of mafias prepared by police and the district administration. An IIFL complaint seeking action against Dagaria under The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (also known as the SARFAESI Act) was pending before the district administration for long.
The Act allows banks and other financial institutions to auction residential or commercial properties (of defaulter) to recover loans. Dagaria was in Mumbai when his house was sealed.
A joint team of district administration and police led by SDM Anshul Khare reached Dagaria’s place at Sampat Avenue close to Bypass and sealed the bungalow. Police personnel too have been deployed.
Later, SDM Khare said that Dagaria took loan worth Rs 9 core from IIFL in 2014-15. Later, he refused to repay it. The loan amount was declared Non Performing Asset (NPA) and he was declared defaulter. IIFL initiated the action under Section 14 of SARFAESI Act and requested the district administration for the seizure of the property.
Dagaria lives Lavish life style: Like a common land mafia, Dagaria has a lavish life style and is supposed to be master of drawing loans from financial institutions. He recently organised his daughter’s marriage in Bangkok and took crores of rupees from the market for it. He took over 100 guests from the city to Bangkok. He had recently returned from Bangkok and was in Mumbai when his bungalow was sealed.
