Panchkula: 8 Builders Booked for Rs.6 Cr Loan Fraud
Real Estate

Panchkula: 8 Builders Booked for Rs.6 Cr Loan Fraud

Eight builders in Panchkula have been booked for allegedly indulging in a loan fraud amounting to ?6 crore. The accused were found to have obtained loans from various banks by submitting false documents and misrepresenting facts about their projects.

The Economic Offences Wing (EOW) of the Panchkula Police initiated an investigation after receiving complaints from several financial institutions regarding these builders. It was revealed that the accused had availed loans by providing fabricated project details, inflated cost estimates, and fraudulent collateral documentation.

The loans obtained by the builders were primarily meant for the development of housing and commercial projects, but investigations revealed that a significant portion of the funds had been diverted for personal use. This misappropriation of funds had led to delays in project completion and raised concerns among homebuyers and investors.

The EOW, in collaboration with the banking institutions, conducted an in-depth analysis of the documents submitted by the builders. Discrepancies were found in the allocation of funds, with a substantial portion being utilized for purposes inconsistent with the loan agreement. This raised suspicions and prompted further inquiries into the financial activities of the accused builders.

Upon discovering the loan fraud, the EOW registered cases against all eight builders under relevant sections of the Indian Penal Code, including forgery, cheating, and criminal breach of trust. The investigation is currently underway, and efforts are being made to recover the defrauded amount and compensate affected parties.

This incident highlights the need for increased vigilance in the real estate sector, particularly in loan approvals and utilization monitoring. Transparent financial practices and strict adherence to regulations are essential to safeguard the interests of homebuyers, project investors, and lending institutions.

The Panchkula Police is urging individuals who may have further information or fallen victim to any such fraudulent activities to come forward and assist in the investigation. By working collectively, authorities and the public can contribute to curbing loan fraud and promoting a secure and trustworthy real estate market in Panchkula.

Eight builders in Panchkula have been booked for allegedly indulging in a loan fraud amounting to ?6 crore. The accused were found to have obtained loans from various banks by submitting false documents and misrepresenting facts about their projects. The Economic Offences Wing (EOW) of the Panchkula Police initiated an investigation after receiving complaints from several financial institutions regarding these builders. It was revealed that the accused had availed loans by providing fabricated project details, inflated cost estimates, and fraudulent collateral documentation. The loans obtained by the builders were primarily meant for the development of housing and commercial projects, but investigations revealed that a significant portion of the funds had been diverted for personal use. This misappropriation of funds had led to delays in project completion and raised concerns among homebuyers and investors. The EOW, in collaboration with the banking institutions, conducted an in-depth analysis of the documents submitted by the builders. Discrepancies were found in the allocation of funds, with a substantial portion being utilized for purposes inconsistent with the loan agreement. This raised suspicions and prompted further inquiries into the financial activities of the accused builders. Upon discovering the loan fraud, the EOW registered cases against all eight builders under relevant sections of the Indian Penal Code, including forgery, cheating, and criminal breach of trust. The investigation is currently underway, and efforts are being made to recover the defrauded amount and compensate affected parties. This incident highlights the need for increased vigilance in the real estate sector, particularly in loan approvals and utilization monitoring. Transparent financial practices and strict adherence to regulations are essential to safeguard the interests of homebuyers, project investors, and lending institutions. The Panchkula Police is urging individuals who may have further information or fallen victim to any such fraudulent activities to come forward and assist in the investigation. By working collectively, authorities and the public can contribute to curbing loan fraud and promoting a secure and trustworthy real estate market in Panchkula.

Next Story
Equipment

Caterpillar Debuts Three New Cat Excavators at EXCON 2025

Caterpillar Inc., a global leader in construction and mining machinery, strengthened its commitment to India’s infrastructure growth with the debut of three new Cat® hydraulic excavators at EXCON 2025, held from December 9–13 at the Bangalore International Exhibition Centre. The new models—Cat 321, Cat 322 and Cat 324—mark a significant step forward in delivering efficient, digital-ready equipment tailored for India’s evolving construction needs.Designed to support sustainability and productivity on modern jobsites, the machines feature advanced powertrains and intelligent electrohy..

Next Story
Equipment

JK Tyre Expands OTR Lineup with Four New Launches at EXCON 2025

JK Tyre & Industries, one of India’s leading tyre manufacturers, introduced four new Off-the-Road (OTR) tyres at the 13th edition of CII EXCON 2025, South Asia’s largest construction equipment exhibition, underway at the Bangalore International Exhibition Centre. The latest additions strengthen the company’s OTR portfolio and reaffirm its focus on delivering advanced mobility solutions for construction, mining and industrial operations.The new tyres were unveiled by R Mukhopadhyay, Director (R&D), JK Tyre. Among the highlights was the debut of the SKY GRIP, a specialised tyre des..

Next Story
Equipment

ACE, Sanghvi Movers Ink MOU to Boost India-Made Heavy Crane Adoption

Action Construction Equipment (ACE), the world’s largest pick-and-carry crane manufacturer and a leading Indian construction equipment maker, has entered into a strategic Memorandum of Understanding with Sanghvi Movers, Asia’s largest and the world’s fifth-largest crane rental company. The partnership aims to accelerate the deployment of indigenously manufactured heavy slew cranes, particularly truck cranes and crawler cranes, across large-scale infrastructure and industrial projects in India.The alliance aligns strongly with the Government of India’s “Aatmanirbhar Bharat” and “M..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Open In App