The CBI searched the premises of the Pune Buildtech Private Limited simultaneously in three areas of Mumbai, which duped the Punjab National Bank to the tune of Rs 30 crore during 2013-16, having registered cases against the organization and its promoters. Besides the premises of the Pune Buildtech Private Limited, which is located in the office of as Dynamix Balwas Resort, the premises of promoters Issac Yousuf Balwa and Javardan Vinod Goenka have been searched.
The Pune Buildtech Private Limited was floated in 1997 to build five star hotels and resorts. The builder commenced works to build a five star hotel in Yerawada. It applied for a loan of Rs 102 crore from Punjab National Bank and Allahabad Bank (formerly Indian Bank). However, the Punjab National Bank gave Rs 30.50 crore loan up to 2011 and subsequently it suspended the balance of the loan.
The project became stranded as securing permission from Pune Municipal Corporation was delayed and also due to the realtor is facing allegations of its involvement in the 2G Spectrum scam. Later, the builder converted the five star hotel project into a residential project and took loan from Bank of India, but failed to clear the loan availed from the Punjab National Bank. In this backdrop, on the basis of a complaint from PNB, CBI conducted searches in the realtor’s premises.
