NASHIK: A well-known builder in Nashik was apprehended by officials from the crime branch unit 1 late Tuesday in connection with a fraud case involving ₹23 crore.
The builder constructed five buildings in Sansari, near Deolali Camp, in 2019. Although customers fully paid for their flats and took possession, he failed to prepare or provide the sale deeds, retaining ownership of the properties.
Meanwhile, he colluded with officials from a private finance company to secure a loan of ₹23 crore by using the flats as collateral. The financial firm’s officers did not verify the documents presented by the builder and approved the loan.
Since the builder defaulted on the loan repayments, the financial firm initiated an auction of the flats and issued notices to the residents. Concerned flat members approached Police Commissioner Sandeep Karnik to report the situation.
A retired army officer, who was among the customers, lodged a complaint of fraud and misappropriation against the builder and the finance company officials with the Deolali Camp police.
The builder was brought before a city court on Wednesday, where he was remanded to three days of police custody. Inspector Anchal Mudgal from crime branch unit 1 is currently investigating the case.
