Beware! Do not fall into this trap - Delhi Businessman held for selling mortgaged property

A 55-year-old businessman was on Monday arrested for allegedly selling mortgaged property in west Delhi's Punjabi Bagh area, police said. The accused has been identified as Jai Bhagwan Singhal, a resident of East Punjabi Bagh, they said.

A case was registered on the complaint of Alok Kumar, authorised representative, Dewan Housing Finance Corporation Ltd (DHFL), against Singhal and others, police said.

The complainant alleged that Singhal and his family members availed a loan of Rs 4.95 crore against a plot in East Punjabi Bagh and created equitable mortgage of the property by submitting original title documents of the property, a senior police officer said.

"After availing the loan, Singhal sold the second floor to one V Sunita Rao for a sale consideration of Rs 1,25,50,000. Similarly, the third floor with stilt and terrace was sold to one Anju Saluja for a sale consideration of Rs 1,06,00,000 without any permission from DHFL," Joint Commissioner of Police (EOW) O P Mishra said.

They also filed wrong information with the sub-registrar office that the property was free from all sorts of encumbrances and mortgage, the officer said.

During investigation, Singhal was arrested on Monday from the national capital and one day police custody remand has been obtained, Mishra added.
 

The story has been taken from a news agency