Home Truths

Updated on: 7 February 2024 7:00 pm

Home Truths

Fake Documents
Borrowers use hi-tech colour xerox machines to fake title deeds, that look like originals, and present it to banks to get multiple financing for same properties
Booking Profits
Buyer books a flat, avails the initial loan amount, cancels the booking, and gets a refund of the amount directly from the builder; banks are not able to trace the borrower
Construction Gains
Builders take loans to construct houses; they and their agents then sell either developed or undeveloped properties without paying the original loan amount
Bogus Accounts
Agents take loan cheques from banks and deposit them in fictitious accounts instead of giving them to builders; similar fraud exists in case of dividend cheques