₹110 crore loan fraud: Administration summons advocate

Indore: In an alleged loan fraud of Rs 110.5 Crore, Indore district administration has served a notice to an advocate to present his side in allegations of furnishing a search report of the properties, which were mortgaged in the banks, for colonisers to get debts.
Amidst the administration’s crackdown against ‘land-mafia’ to provide plots to the eligible buyers in Satellite Hills Colony, senior officials of three banks including Union Bank (Corporation Bank), Punjab National Bank and UCO bank had approached ADM Abhay Bedekar for recovery of a total Rs 110.5 Crore, which was sanctioned to M/S Narayan Niryat India Pvt Ltd by mortgaging 37.460 hectares of land made available by one Kailash s/o Babulal Garg, director of M/S Avalanche Reality Pvt Ltd. “The loan of Rs 110.5 Crore was sanctioned on the land, which was already sold out as plots in Satellite Hills Colony” Bedekar said, adding that while the administration is helping the affected plot buyers to get their legal rights including that possession over the properties they had paid for, a probe into alleged loan fraud was separately underway. TNN