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A case of unauthorized sale of a property mortgaged to HDFC Bank in Aligarh has come to light. A home loan of ₹95 lakh was taken against the property. According to the bank, Neha Gupta and co-borrower Rajneesh Varshney registered a 213.20 square meter portion of the house in Rambagh Colony in the name of Pawan Tiwari on July 25, 2019, for ₹65 lakh.
The bank claims this compromised the security of its loan and caused financial losses of more than ₹1.03 crore. An FIR was filed against the two at the Quarsi police station on Sunday based on a complaint from Pawan Singh, a senior manager at the bank.
Pawan Singh, a senior manager at HDFC Bank’s Lucknow office, told the SSP in his complaint that the bank had disbursed a loan of Rs 95 lakh on May 30, 2016, under home loan account number 619899331. Neha Gupta was the main borrower and Rajneesh Varshney was the co-borrower.
Property number 2/614, located in Rambagh Colony, Mouza Quarsi, Tehsil Kol, was mortgaged for the loan. According to the complaint, the total area of the property was 410 square yards, or 342.8 square meters. The bank states that its mortgage charge on the property was registered in CERSAI records on May 30, 2016.
The bank’s internal investigation alleged that the borrowers sold 213.20 square meters of the mortgaged property without the bank’s permission, consent, NOC, or notice. The transaction was executed on July 25, 2019, in favor of Pawan Tiwari for ₹6.5 million.
The complaint states that the sale deed was registered in the office of the Sub-Registrar First, Aligarh. The bank also provided the police with details of the relevant records, stating the registry document number as 6575.
The bank alleges that the sale of a portion of the mortgaged property compromised the security of its loan. The complaint claims financial loss totaling ₹1,03,68,633. The bank, calling this a prima facie case of fraud and concealment of material facts, sought action against both borrowers.
Following the registration of the FIR, the police are now examining loan documents, CERSAI records, and the property registry. The investigation will also clarify the status of the bank’s mortgage rights to the property at the time of the sale and the circumstances under which the transaction was executed.
More details will be released soon.
