Builder booked for cheating bank of Rs 16.49 crores
MUMBAI: The Yash builders have been booked for cheating and criminal breach of trust after
Axis Bank lodged a complaint accusing its proprietor Paras Dedhia for cheating them in connection with the ₹16.49 crore term loan sanctioned for his Deonar project Yash Signature.
According to the complaint filed by Shri Dakshis Sumanbhai Balsara, Assistant Vice President at Axis Bank’s Nariman Point branch, Dedhia had originally availed a ₹15 crore loan from IIFL in 2015 against 18 flats and an office in Yash Signature. He later approached Axis Bank’s Chembur branch for a ₹20 crore term loan to clear IIFL’s dues and complete the project. The proposal was approved in January 2016 at 13.25% interest, and between March and September 2016, Axis Bank disbursed ₹16.49 crore.
As security, Dedhia mortgaged 18 unsold flats and one office in Yash Signature, the entire Yash Heights project in Govandi, and two commercial offices in Masjid Bandar. Loan conditions mandated an escrow account for sale proceeds, with strict repayment clauses.
However, Axis Bank alleged that Dedhia failed to open the escrow account, defaulted on repayments from late 2017, and his account was declared NPA in June 2018. Despite recall notices, Dedhia neither regularised payments nor settled dues. Subsequent proceedings under the SARFAESI Act and Debt Recovery Tribunal revealed that Dedhia and his wife Kashmira had already sold all mortgaged flats and offices without obtaining the bank’s mandatory No Objection Certificate (NOC).
Verification reports in May and July 2024 confirmed that the mortgaged properties had been sold to unsuspecting buyers while the bank loan remained unpaid. The bank claims that Dedhia misappropriated ₹16.49 crore and concealed facts from buyers, amounting to criminal breach of trust.
Axis Bank has accused Dedhia of committing offences punishable under Section 409 of the IPC. The matter is under further investigation by the Economic Offences Wing
Axis Bank lodged a complaint accusing its proprietor Paras Dedhia for cheating them in connection with the ₹16.49 crore term loan sanctioned for his Deonar project Yash Signature.
According to the complaint filed by Shri Dakshis Sumanbhai Balsara, Assistant Vice President at Axis Bank’s Nariman Point branch, Dedhia had originally availed a ₹15 crore loan from IIFL in 2015 against 18 flats and an office in Yash Signature. He later approached Axis Bank’s Chembur branch for a ₹20 crore term loan to clear IIFL’s dues and complete the project. The proposal was approved in January 2016 at 13.25% interest, and between March and September 2016, Axis Bank disbursed ₹16.49 crore.
As security, Dedhia mortgaged 18 unsold flats and one office in Yash Signature, the entire Yash Heights project in Govandi, and two commercial offices in Masjid Bandar. Loan conditions mandated an escrow account for sale proceeds, with strict repayment clauses.
However, Axis Bank alleged that Dedhia failed to open the escrow account, defaulted on repayments from late 2017, and his account was declared NPA in June 2018. Despite recall notices, Dedhia neither regularised payments nor settled dues. Subsequent proceedings under the SARFAESI Act and Debt Recovery Tribunal revealed that Dedhia and his wife Kashmira had already sold all mortgaged flats and offices without obtaining the bank’s mandatory No Objection Certificate (NOC).
Verification reports in May and July 2024 confirmed that the mortgaged properties had been sold to unsuspecting buyers while the bank loan remained unpaid. The bank claims that Dedhia misappropriated ₹16.49 crore and concealed facts from buyers, amounting to criminal breach of trust.
Axis Bank has accused Dedhia of committing offences punishable under Section 409 of the IPC. The matter is under further investigation by the Economic Offences Wing
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