New Delhi: An FIR has been registered earlier this month by the Barakhamba Road Police station in the capital on a complaint of cheating, criminal breach of trust, forgery of documents, misappropriation of money and criminal conspiracy filed against a couple, two directors of a private limited company and their associates by PNB Housing Finance Ltd over the alleged duping of its branch at DCM Buildling, Barakhamba Road, New Delhi.
PNB Housing Finance Ltd is engaged in the business of providing credit loan facilities to its customers and accepting term deposit from public at large.
The complaint against the accused is that they availed credit facility in the form of a Housing Loan of Rs. 60,40,000 (disbursed amount of Rs. 56,95,656) under a loan agreement (31 May 2013) with a clear clause that the loan amount was to be paid in 180 equated monthly installments (EMIs) of Rs.68,6501 with the initial floating interest @ 11% p.a. which was subject to be revised from time to time as per RBI guidelines and against security.
After availing the loan, the borrowers did not adhere to financial discipline and failed to pay the regular EMIs. Consequently, the account was declared as Non-performing Asset (NPA) on 31 August 2015.
On 5 January 2016, PNB Housing Finance Ltd issued a demand notice under Section 13(2) of the SARFAESI Act but the borrowers did not respond to the notice for payment of outstanding loan amount of Rs. 56,30,688, which was due and payable on 21 September 2015 (within 60 days) as per the notice served on 5 January 2016.
The charge is that this is a case of cheating where a fictitious transaction of purchase of a flat was created by the accused Diwakar Sharma and Piyush Tiwari, directors of Buildtech Private Limited in conspiracy with the accused couple Dr. Chetan P Nemade and his wife Archana Chetan Nemade. This fictitious transaction was based upon the fictitious sale/allotment of flat/property for which the financial assistance had been availed from PNB Housing Finance Ltd by the builder projecting that some actual genuine transaction for allotmen/sale of a flat had taken place, it is alleged.
In the FIR, the modus operandi of the “fictitious transaction linked with the fictitious sale/allotment of flat” has been explained vividly. According to available information, the directors of Shubhkamna Buildtech Private Limited, Diwakar Sharma and Piyush Tiwari, who wanted to get the money from PNB Housing Finance Ltd in conspiracy with Dr. Chetan P Nemade and his wife Archana Chetan Nemade fabricated certain documents wherein it was shown that the builder had received an application for allotment/purchase of a flat from the accused purchasers. This application was shown to have been supported by certain personal documents of the fictitious purchasers so as to give colour of a genuine sale.
The loan application was submitted with with PNB Housing Finance Ltd in May, 2013, along with copies of fabricated application for allotment/purchase of property. A fabricated Tripartite agreement between Subhkamana Buildtech Private Limited and the alleged purchaser containing a schedule of a flat No. D-2/C-10 on 10th floor Block No. ‘C’, Tower No. ‘D’2 situated at Subhkamana- Advertech Homes, Plot No. CH 05 -B, Sector 137, Noida measuring 1500 Square Feet was also submitted with PNB Housing Finance Ltd. In the Tripirtite Agreement, it was mentioned that the original sale deed/lease deed shall be submitted to PNB Housing Finance Limited directly by the builder towards creating Security Interest in the said property in favor of PNB Housing Finance Limited. It was also projected that loan was genuinely being availed by Dr. Chetan P Nemade and Archana P Namade for purchasing the “under construction” flat.
The accused persons had given assurance to PNB Housing Finance Ltd that they shall be immediately depositing the Title Deeds of the said property as soon as the construction is completed and the Title Deeds are executed.
The FIR mentions that taking the assurances by the accused as true and genuine, PNB Housing Finance Ltd agreed to sanction and grant home loan of Rs. 60,50,000 to Chetan P Nemade and his wife Archana P Nemade. On 31 May 2013, after the accused couple had executed the loan agreement; TPA Agreement and other necessary documents in favour of PNB Housing Finance Ltd, the loan was disbursed after adjusting the processing fee and other contractual charges, in the following manner:
1. In favour of: Shubhkamna Buildtech Private Limited – Rs.56, 15,375/-
2. ICICI Lombard GIC Limited – Rs.50,000
3. PNB Housing Finance Limited – Rs.30,281
Besides the accused couple, the builder company had written letters to PNB Housing Finance Ltd Limited giving permission to mortgage the property that were sought to be purchased in favour of PNB Housing Finance Ltd and acknowledging the First and exclusive charge of the company on the property/flat. The builder had also entered into a Tripartite Agreement with PNB Housing Finance Ltd.
To cover up the entire fraud and to gain the faith of the officers of PNB Housing Finance Ltd, the accused persons paid initial installments for the housing loan. However, subsequently, they turned defaulters and stopped paying the monthly installments against the loan amount.
The police complaint was lodged by PNB Housing Finance Ltd after one of its officers came to know that the property/flat against which the home loan in question had been obtained by the accused persons did not exist. Hence the PNB Housing Finance Ltd authorities came to the conclusion that the accused persons had illegally obtained the home loan by furnishing forged and fabricated documents.
On 14 September 2015, Chetan Nemade had informed an officer of PNB Housing Ltd by mail that there was an agreement in writing between him and the builder company that the latter would be using their profile to generate funds against a Shubhkamna property and take responsibility to repay the loan. He also shared an MOU/assignment deed dated 31 May 2015 between him and Subhkamana Buildtech Private Limited which clearly mentioned that the builder was in need of funds and due to this reason the fictitious transaction was done by them.
The FIR notes: “It has also been found that the accused persons are habitual fraudsters and they may have also cheated other Financial Institutions and individuals to the tune of crores of Rupees with a similar modus operandi.
The alleged crime, if proved in court, is punishable under Section 154 Cr.P.C. 420, 406, and 34 of Indian Penal Code. A manager with PNB Housing Finance Ltd. had filed the initial complaint in this matter on 22 February 2016, with the Barakhamba Road Police station.
The most critical stage in clearing a home loan is the the legal and technical verification of the property and this is done by a legal expert or a lawyer approved by the bank. In this particular case, where the property against which the loan was sanctioned did not exist, there is a huge question mark on the credibility and working of the bank/financing company and even involvement of bank personnel cannot be ruled out.