Fictitious transaction of sale of property in Delhi: Banks and financial institutions cheated

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New Delhi: Delhi Police have registered a case of serious economic offences against few persons accused of have dishonestly and fraudulently, in conspiracy with each other and some other unknown persons have cheated multiple banks and financial institutions, including Aditya Birla Housing Finance Limited  (ABHFL),  Syndicate Bank, Canara Bank, Axis Bank, Indian Bank, and Standard Chartered Bank of crores of rupees by inducing these banks and financial institutions to sanction and disburse loan amounts against fictitious transaction of sale of property (No. 132, Third Floor, Chitra Vihar, New Delhi 110092).

The complainant in this matter, Tarun Sharma, is the authorised representative of ABHFL, having its registered office at Indian Rayon Compound, Verawal Gujarat- 362266 and its branch office in Delhi at 2nd Floor. UCO Bank Building, 5, Parliament Street.

As per the FIR registered by the Parliament Street Police Station, New Delhi on 3 May 2019, a fictitious transaction of sale of freehold built -up residential property, built on third floor with roof rights of property bearing no. 132. Chitra Vihar, New Delhi, was created by Manoj Monga, Anshu Monga and Sandeep Goswami along with other unknown persons who pretended that Manoj Monga was genuinely purchasing this Property at a sale consideration of Rs. 10 million from Sandeep Goswami and for purchase of this Property, financial assistance was required by Manoj Monga, Anshu Monga and County Apparels from ABHFL.

Taking the “fictitious transaction” for sale of the Property and the intention of Manoj Monga and Anshu Monga to mortgage it as true, ABHFL disbursed a loan to the tune of Rs. 15 million in The following manner:

  • Rs. 9.9 million, vide cheque No. 281447 dated 31 May2018 drawn on ICICI Bank Limited (Account number 071401505310), in favour of Sandeep Goswami/Seller directly on behalf of Manoj Monga, Anshu Monga and County Apparels.
  • The remaining balance amount was disbursed vide cheque No. 281446 dated 31 May 2018 drawn on Union Bank of India (4937020100072) in favour of the Manoj Monga as per the terms and conditions of the sanction letter and loan agreement dated 29 May 2018.

Thereafter, a Sale Deed for this property was executed on 4 June 2018 by Sandeep Goswami (Seller) in favour of Monga for a total sale consideration of Rs. 10 million and it was also registered with Sub-registrar. District Preet Vihar, Delhi vide registration No. 3,319 in Book No.1, Volume No. 1,308 on page 84 to 92 on 05 June 2018.

Thereafter Manoj Monga and Anshu Monga created equitable mortgage on this Property, as security for the said Loan, in favour of ABHFL by deposit of original sale deed. Initially some payments were made by Manoj Monga and Anshu Monga towards repayment of the loan to show that the transaction was a genuine transaction but later on they stopped making payments to ABHFL against loan.

Through collection activity and upon inquiry it was brought to the ABHFL’s knowledge that the said Property was also mortgaged with multiple banks and financial institutions by Manoj Monga, Anshu Monga and Sandeep Goswami along with other unknown persons by creating a fictitious transaction of sale of the said Property on the basis of which they availed loan facility from multiple Banks and Financial Institutions including Syndicate Bank, Canara Bank, Axis Bank, Indian Bank, Standard Chartered Bank thereby cheating these banks and financial institutions to the extent of millions of rupees.

It is alleged that part loan amount that was disbursed into the account of Sandeep Goswami on behalf of Manoj Monga, Anshu Monga and County Apparels as sale consideration was shared with Manoj Monga, Anshu Monga and Sandeep Goswami.

After preliminary enquiry into the complaint, the Parliament Street Police Station in Delhi has registered an FIR in this case under Section 420/468/120-B of Indian Penal Code against the accused.

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Categories: Banking, Corruption

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