A case was filed against Atul Patel and Piyush Patel of Dwarkesh Developers for cheating and breach of trust allegedly for not repaying a loan of Rs 1.64 crore and selling bungalows for which the loan were taken. Business Development Manager of a home loan company Vishal Mir lodged a complaint with the police against the builders.
In September 2017, Piyush, partner of Dwarkesh Developers, had sought a loan of Rs 1.5 crore from the company to build 12 bungalows. Upon verification of documents and the projects master files and other documents a loan of Rs 1.5 crore was sanctioned at the rate of 21% interest for a period of 4 years. Vishal said that mortgage deal was signed before the sub-registrar. On February 2018, Rs 25 lakh was paid through a cheque and also Rs 23.27 lakh was paid in five instalments between November 2017 and March 2018. Thereafter, the developers failed to make any payment. The complainant stated that the bungalows were sold to third parties despite the fact that they were mortgaged by the developers.
