TL;DR: A landlord, builder, two buyers, and two bank staff in Chennai allegedly duped SBI of ₹5.5 crore by securing two housing loans for the same villa, revealing a web of deceit in the housing loan sector.
Hey folks! Gather 'round for a tale straight out of a thriller novel, but sadly, it's real and happening in our own backyard. 😲
The Grand Scheme Unveiled 🎭
In the bustling city of Chennai, the Central Bureau of Investigation (CBI) has unearthed a scam involving a landlord, a builder, two eager buyers, and two bank valuers. Their mission? To swindle the State Bank of India (SBI) out of a whopping ₹5.5 crore by taking not one, but two housing loans on the same property!
Meet the Cast 🎬
S Vakisan and S Deivanai: Siblings from Puducherry who set their sights on a luxurious villa.
D Santhosh: A builder and realtor with a knack for bending the rules.
M Vijayakumar and M S Senthil: Bank-empanelled valuers who perhaps saw more value than there was.
Vummidi Kritsh: The landowner with a pivotal role in this drama.
The Plot Thickens 📜
Back in 2020, the sibling duo approached the SBI branch in Iyyapanthangal, seeking a ₹5 crore loan to purchase a villa sprawling over 4,520 sq ft at Tiruporur on East Coast Road (ECR). Our trusty valuers, Vijayakumar and Senthil, vouched that the property was worth ₹6.3 crore. Impressed, SBI sanctioned a loan of ₹4.26 crore. The siblings diligently paid their EMIs until April 2021 but then requested a breather, citing the COVID-19 pandemic. The bank kindly extended their repayment period until July 2023.
The Audit Bombshell 💣
An audit of SBI's loans revealed a shocking twist:
The villa wasn't a new gem but was constructed in 2016.
SBI had already disbursed a housing loan to Santhosh for this very property.
The layout plan was approved in 2011, but the plot got regularized only in 2019.
The actual value of the property? A mere ₹3.5 crore, significantly less than the loan amount.
CBI Steps In 🚔
With these revelations, SBI smelled something fishy and knocked on CBI's door. The bank even moved the Madras High Court, which directed the CBI to dig deeper into this murky affair.
A Pattern of Deception? 🔍
This isn't an isolated incident. Similar scams have plagued the housing sector:
Delhi-NCR's Subvention Scheme Nightmare: Homebuyers were lured with easy EMI schemes, only to find themselves in financial quicksand when builders defaulted, leaving them to fend off banks demanding payments for incomplete projects.
Supreme Court's Stern Warning: The apex court recently blasted the unholy nexus between builders and banks, hinting at a possible CBI probe into these dubious subvention schemes.
MediaFx's Take 🧐
These scams highlight the deep-rooted issues in our housing finance sector. It's always the common folks, dreaming of a roof over their heads, who bear the brunt of such fraudulent schemes. While the affluent manipulate systems to their advantage, the working class is left grappling with debts and lost hopes. It's high time our financial institutions tighten their protocols and ensure that the dreams of the many aren't crushed by the greed of a few.
Have Your Say! 🗣️
Have you or someone you know been affected by such housing loan scams? Share your stories in the comments below. Let's raise awareness and ensure that our community stays vigilant against such deceitful practices. 💬👇
