Five Developers Siphon Off ₹6 Crore In Housing Scam | Ahmedabad News
The complaint was filed on Tuesday against the developers and three others including a manager of a financial firm in Mumbai.
According to city crime branch officers, the five developers are Prabat Rabari and Hamir Desai from Banaskantha, and Pravin Desai, Alkesh Desai, and Mahesh Rabari from Patan. The officers said that the five and a valuer, Kalpesh Prajapati from Patan; a land broker, Dilip Shah from Ranip in the city; and a former GM of India Home Loan Limited, Rushabh Yagnik, from Chandkheda hatched the conspiracy.
Sources in police said that the accused persons took loans in the names of 32 plot holders for the housing scheme in Bhabhar of Banaskantha district.
They had initially taken a loan of Rs 4 crore in the names of the 32 plot holders in June 2019 for which they paid EMIs of about Rs 47 lakh for a few months, said crime branch officers.
Later, they stopped paying the EMIs and accumulated debt of Rs 6.18 crore from India Home Loan Limited headquartered in Mulund of Mumbai. Its regional office is in Navrangpura in Ahmedabad.
The FIR filed with the city crime branch said that the accused persons never built a single house on the land and used the entire money for their personal…