Hudkeshwar Police have registered a case against a couple and a finance company for fraudulently selling a plot that was already mortgaged to Canara Bank. The case was filed based on a complaint by A Prabhu, Assistant General Manager of Canara Bank. The accused have been identified as Rakesh Prasad Udayraj Shahu, a resident of Avdhoot Nagar, Chikhli Khurd; his wife, Soni Rakesh Prasad Shahu; and Shriram City Union Housing Finance Limited, located at Ram Nagar Chowk. Rakesh and Soni are directors of Shri Sai Agency. According to the complaint, in 2014, the couple had taken a loan from the Wardhaman Nagar branch of Canara Bank.

 

They applied for an open cash credit of Rs 20 lakh and a term loan of Rs 10 lakh. Rakesh was the applicant, and Soni was the guarantor. To secure the loan, they mortgaged a 1,820-square-foot plot located in Asha Amar Co-operative Society, Avdhoot Nagar, Chikhli. The loan of Rs 30 lakh was sanctioned, and the mortgage was duly registered in the land records in January 2015. However, the loan account later turned into a Non-Performing Asset (NPA) on April 14, 2016.

 

The bank took possession of the mortgaged property in February 2017 and filed a recovery case before the Debt Recovery Tribunal (DRT), which is still pending. Shockingly, during an inspection in August 2013, the bank found that the same plot had been sold to a man named Praveen Kotekar by Shriram City Union Housing Finance Limited. The plot documents clearly showed that it was already mortgaged with Canara Bank. Despite this, the finance company, in alleged criminal conspiracy with the Shahu couple, sold the plot without verifying the records. Later, when Canara Bank obtained documents from the Registrar’s office, it was revealed that forged documents were used in the transaction. This fraudulent sale caused a financial loss of Rs 37.63 lakh to the bank. Based on the complaint, Hudkeshwar Police have registered a case against the accused under relevant sections of the Indian Penal Code for cheating, forgery, and criminal conspiracy. Further investigation is underway.