A fraud involving a ₹4 crore housing loan scam by using the names of 11 flat owners has come to light in a case involving an under-construction building in Dadar. The Dadar police have filed a case of fraud and embezzlement against three individuals, including two directors of Siddhitech Home Private Limited and a flat owner. The accused have been identified as Hemant Mohan Agarwal, Rampravesh Ramchandra Singh, and Neha Agarwal, who are now under police scrutiny.
Achal Devendranath Pathak, a senior manager in the legal department at Motilal Oswal Home Finance Limited, uncovered the scam. Pathak, who resides in Virar, is responsible for legal actions and recovery processes against borrowers who fail to repay housing loans. Among the 30 cases he was investigating, one involved Siddhitech Home Private Limited.
In 2015, Siddhitech obtained a loan of ₹1.59 crore from Motilal Oswal for their under-construction project “Siddhi City Phase 5” in Karvi village, Karjat Road, Badlapur. The company entered a tripartite agreement with Motilal Oswal and 11 flat buyers, which stated that upon project completion, possession of the flats would be handed over to the respective buyers, and necessary sale agreement documents would be submitted to the finance company.
Initially, the 11 flat buyers paid two EMIs on their loans but later stopped payments. Upon visiting the project site in September 2024, Pathak discovered that the building's construction had been completed. However, one of the flats had been illegally sold to another individual, who was residing there with his family.
Further investigation revealed that the company had not handed over possession of the remaining 10 flats to the respective buyers. Despite the housing loan being active on all 11 flats, Siddhitech fraudulently sold one flat and withheld possession of the rest, causing a ₹4 crore financial loss to Motilal Oswal Home Finance.
It was also found that Siddhitech submitted false information about the buyers to secure the loans, violating the terms of the agreement. Following these revelations, Achal Pathak lodged a complaint at the Dadar police station against Hemant Agarwal, Rampravesh Singh, and flat owner Neha Agarwal.
After verifying the complaint, the police registered a case of fraud against the trio. They will soon be summoned for questioning, and statements will be recorded. Officials confirmed that appropriate legal action will be taken based on the findings of the investigation.
The case highlights the need for stringent monitoring of housing loan processes to prevent such fraudulent activities. Further developments in this case are awaited.