Mumbai: Couple booked for cheating finance firm of Rs 13.77 crore

A couple has been booked for allegedly duping a finance company to the tune of Rs 13.77 crore. The couple had approached the company stating that they had three housing projects in Karjat and wanted the company to issue loans to their prospective buyers, Dadar police said.

According to the assistant commissioner of police, Dadar division, the alleged fraud took place between May 2015 and August this year. The complainant, Aspire Home Finance Company Limited, has its office at Motilal Oswal Tower in Prabhadevi.

ACP Deshmukh said the accused submitted the papers related to their project to the company. "The finance company gave money to the developer, but the latter neither completed the project nor returned the money."

Police sources said that buyers had registered a separate case against the builder with Navi Mumbai police for duping them because their transactions took place there. Dadar police booked the developers under sections 406 (breach of trust), 420 (cheating), 465 (forgery), and others of the Indian Penal Code.