Banks using fake NOCs to deceive courts

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Pinky Panorama Co-operative Housing Society has forwarded a letter to Punjab National Bank and Indian Overseas Bank for cheating courts by producing fake No Objection Certificate (NOC). In the letter, the society mentioned that these banks had made forged NOC’s by showing 501 as a separate flat admeasuring as much 1700 Sq. ft for procuring lumpsum amount of loan with predetermined intention to default in repayment. It asked how can banks indulge in this malpractice when there is only a single flat bearing no 501-502 with one single entrance? By appointing M/s Anmol Sekri and Associates banks had got the value of flat overvalued at Rs 2.04 crores. According to Indur Chhugani a resident of the housing society banks have never approached the society for obtaining NOC nor have they issued it to them.

Bank officials never visited the society to ascertain whether flat no 501 really exists. Banks had taken mortgage of the fictitious flat no 501 from Rajkumar Basantani of M/s Soundcraft Industries Ltd but had kept Chhugani in dark about the fraudulent proceedings. Mr Basantani has procured loan amount of over Rs 10 crores from each of these banks. Pinky Panorama Society had instructed security guards of the society to refrain bank officials or its agents from entering the building compound. Despite this they entered the house along with some goons and claimed themselves as police officials without wearing uniforms.

Indur Chhugani said, “Banks had shown the flat to me in a hurry but I learnt that they didn’t possess proper documents. I have filed a case of cheating against them in 2014 in Court of Metropolitan Magistrate (CMM) Court, Bandra. They had sold me the flat in 2005 when there was an attachment order against it by the Maharashtra Protection of Interest of Depositors’ (MPID) Court. They also got me arrested and I was sent to police custody for five days. I was evicted from the flat. In 2017 the court said that the flat doesn’t come under the MPID act as banks tried to take possession of it.”

“Society informed the banks that they can’t take mortgage of any flat without possessing NOC. Therefore they prepared false NOC mentioning the area of the flat as 1700 sq ft. When the size of the largest flat in the society is 641 sq. ft how can banks mention the size of the flat in the fake NOC as 1700 sq ft,” asked Chhugani.

On the other hand, Jagtar Singh, Chief Manager Indian Overseas Bank alleged that Chhugani has forcibly occupied property mortgaged to the bank. He said, “This property was under our possession and it belongs to Seema Investment Private Ltd. The MPID court accepted our plea and asked the Economic Wing of Police department to release the possession from this property. Chhugani had forcibly entered the flat by breaking the lock. We requested the police department to assist us to take possession of this property. Society members nonetheless didn’t allow us to enter the society but we will file complaint against them.”

When AV spoke to Punjab National Bank an official said that the case is subjudice and the bank is unwilling to give any statement in this regard.

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