4 days ago
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The Central Crime Branch (CCB) of the Greater Chennai Police (GCP) has arrested 5 persons, including 2 women, successful transportation with an alleged spot fraud involving the amerciable transportation of a mortgaged spot successful T. Nagar done forged documents, causing a nonaccomplishment of ₹35.5 crore to an plus reconstruction company.
The constabulary said Suresh Mangattu Variam, representing Mumbai-based Phoenix ARC Pvt. Ltd., lodged a ailment with the City Police Commissioner, alleging that a 9¼-ground spot with an flat analyzable connected Venkatanarayana Road, belonging to P.K.S. Prasad, 63, and P.J.K. Sairam, 62, had been mortgaged with Andhra Bank successful 2015 to unafraid a indebtedness of ₹28.56 crore. As the borrowers allegedly failed to repay the loan, the relationship was classified arsenic a non-performing plus (NPA), pursuing which the steadfast acquired it. Subsequently, Prasad, Sairam, Jayalakshmi, J.N. Ramji alias Jagath Ramji, 61, and Sai Lakshmi, 60, allegedly approached the institution and entered into an statement promising to wide the outstanding dues of ₹35.5 crore successful 3 instalments.
However, the accused allegedly concealed Phoenix ARC’s rights implicit the spot and executed a colony deed successful favour of Samarpana Trust, an entity allegedly controlled by them successful Bengaluru. The colony deed was registered astatine a Sub-Registrar’s bureau successful Bengaluru without the cognition of the complainant company.
Police said the accused aboriginal utilized the allegedly fraudulent colony deed to transportation astir 3,000 sq.ft of the spot to Chennai Metro Rail Limited and received compensation of ₹13.40 crore.
They allegedly failed to remit the outstanding dues of ₹35.5 crore to Phoenix ARC, thereby cheating the company.
Based connected the complaint, the Central Crime Branch registered a lawsuit and launched an investigation. They subsequently arrested Prasad, Sairam, Ramji, Sai Lakshmi, and Sai Prabha, 66.
