Indore (Madhya Pradesh): The economic offences wing (EOW) Indore has registered an FIR against a mother-son duo and their real estate firm for allegedly committing fraud. The accused constructed and sold flats in a multi-storey building on a plot mortgaged to ICICI Home Finance without repaying the loan or obtaining the bank’s consent.
Following the verification of a complaint, an FIR was filed against Murtaza Malik, his mother Salma Bai and their firm Kabir Reality Pvt. Ltd. The accused are alleged to have illegally sold flats in a building named ‘Kabir Manor,’ which stands on a plot mortgaged to ICICI Home Finance, thereby cheating both the bank and the flat purchasers.
EOW SP Rameshwar Singh Yadav said that the accused constructed Kabir Manor on Plot No. 01, Agarwal Estate, Sanghi Colony, which was mortgaged to ICICI Home Finance Corporation. In 2008, Kabir Reality Pvt. Ltd. secured a loan of Rs 75 lakh from the bank by mortgaging the said plot.
Despite being fully aware that the property was mortgaged, the directors of Kabir Reality Pvt. Ltd. allegedly constructed flats and sold them to various buyers without informing ICICI HFC, repaying the outstanding loan, or obtaining a No Objection Certificate (NOC) from the bank.
Bank’s outstanding loan rises to Rs 4.2 crore
Investigations revealed that the outstanding loan amount payable to ICICI HFC has since risen to approximately Rs 4.20 crore. However, the accused allegedly sold the flats without clearing the bank’s dues, causing significant financial loss to the bank and defrauding the buyers.
Based on these findings, the EOW has registered a case under sections 420 (cheating), 409 (criminal breach of trust), and 120-B (criminal conspiracy) of the IPC against the accused and further investigation is underway.
Accused sold 8 flats for Rs 50 lakh each
SP Yadav added that the building was constructed on a 5,200 sq. ft. mortgaged property. The accused built eight flats and sold them for Rs 50 lakh each to various buyers. The EOW team also recorded statements from the flat owners, who claimed they were told the property was debt-free and they got their registry of the flats from the accused.
