Gujarat Crime Investigation Department (CID) Crime has arrested builder Abhay Lodha of Mumbai’s ‘Topworth’ builders group in connection with a fraud of Rs 4 crore against a resident of Amreli.
According to the police, a team from Amreli unit of CID crime arrested Lodha from his residence in Mumbai and brought him to Amreli after registering a case under section 420 for cheating and section 406 for criminal breach of trust. FIR Karshanbhai from Amreli filed a case at Rajkot Zone CID Crime Police Station. Lodha, who was brought to Amreli on Saturday, was taken on police remand for a day and later remanded to judicial custody in a local jail.
According to officials, Lodha had allegedly lured Karshanbhai with possibilities of higher loan amount and in a fraudulent manner had allegedly made him appear as a guarantor in one of his loans.
“The complainant had approached CID Crime Rajkot Zone three years ago in 2019 and claimed that he was approached by Lodha, who had suggested that he would have to keep several of his properties in the Sahaj City project if he If so, they can get a loan of Rs 45 crore-50 crore. As a guarantee to a private bank in Amreli Mumbai. Greed by the prospect of a higher loan amount, Karshanbhai handed over the property papers to Lodha. However, the latter had fraudulently made him a guarantor in one of his loans of Rs 50 crore.
“After the victim demanded the loan amount, Lodha paid her only Rs 6 crore. Later, the victim realized that his property was never used to apply for a fresh loan,” said a senior official of CID Crime Gujarat.
There are total seven accused in the FIR against Lodha. We got Lodha’s one day remand which ended today and now he is in judicial custody.
The Lodha and Topworth group have faced more than seven FIRs registered by the Central Bureau of Investigation (CBI) for default of loans in the recent past. The group owes Rs 4,392 crore to banks and is going through insolvency proceedings since 2019.