Five booked in loan default case

Five persons, including two couples, have been booked for allegedly defaulting on loans worth over Rs 4.55 crore they had taken from Indiabulls Housing Finance Limited, the city police said today.
The five accused were identified as Marpat Bhokadia, Kalpesh Bhokadia, Manjula Bhokadia, Rajesh Mevawala and Rakhi Rajesh Mevavala, Naupada police said.
"As per the complaint lodged by an official of Indiabulls, the Bhokadias approached the firm in March 2011 and sought housing loan to the tune of Rs 4,55,00,000. They told the company that they were into production and export of steel," a police officer said.
"As part of guarantee, they offered to mortgage two flats in Mumbai owned by the Mevavalas, who were to sell the flats at a cost of Rs 3,12,50,000 to Bhokadias. They told the finance company that once the loan is sanctioned, they would get the sale deed done and submit the documents," the officer added.

The Bhokadias paid the initial EMI, but when Indiabulls demanded the sale deed from them, they started giving evasive answers.
"During the investigation, Indiabulls officials found that the Mevavalas were still the owners of the flats and they had not sold them. When the company investigated further, it came to know that the accused were cheating," he said.
The five accused have been booked under IPC sections 420 (cheating), 406 (criminal breach of trust) and 120 B (criminal conspiracy), police said.
None of them have been arrested so far and further investigation is on.