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.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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
Real Estate

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Next Story
Infrastructure Transport

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Next Story
Infrastructure Transport

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?