The Gujarat Crime Investigation Department (CID) Crime arrested Mumbai-based builder Abhay Lodha of ‘Topworth’ Builders Group in a case pertaining to Rs 4-crore fraud committed against a resident of Amreli.
According to police, a team of the Amreli unit of CID Crime arrested Lodha from his residence in Mumbai and brought him to Amreli after he was booked under sections 420 for fraud and 406 for criminal breach of trust in an FIR filed at Rajkot zone CID Crime police station by Karshanbhai from Amreli. Lodha, who was brought to Amreli Saturday, was kept under police remand for a day and later sent to judicial custody in a local jail.
According to officials, Lodha had allegedly lured Karshanbhai with prospects of a higher loan amount and in a fraudulent manner, had allegedly shown him as a guarantor in one of his loans.
“The complainant had approached the CID Crime Rajkot zone three years ago in 2019 claiming he was approached by Lodha who suggested that he could get him a loan of Rs 45 crore-50 crore if he agrees to put his multiple properties in Sahaj City project in Amreli as a guarantee to a private bank in Mumbai. Lured by the prospects of a higher loan amount, Karshanbhai had handed over the property papers to Lodha. However, the latter had fraudulently made him a guarantor in one of his loans of Rs 50 crore.
“After the victim demanded the loan amount, Lodha paid him only Rs 6 crore. Later, the victim realised that his properties were never used to apply for a fresh loan,” said a senior official of CID Crime Gujarat.
“There are a total of seven accused in the FIR against Lodha. We had received a day’s remand of Lodha which ended today and now he is in judicial custody,” added the official.
Lodha and Topworth Group have faced over seven FIRs filed by the Central Bureau of Investigation (CBI) in the recent past for defaulting on loans. The group owes over Rs 4,392 crore to banks and has been undergoing insolvency process since 2019.