Builder booked for cheating Axis Bank of ₹16.49cr

The Chembur Police have booked a builder, Paras Sundarji Dedhia of Yash Builders Construction, for allegedly defrauding Axis Bank of Rs16.49 crore by selling 18 flats and an office unit mortgaged with the bank, without securing mandatory no-objection certificates (NOCs) or repaying the loan. The case has been transferred to the Economic Offences Wing (EOW) for investigation.

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The FIR is based on a complaint by Dakshesh Sumanbhai Balsara, 45, assistant vice president at Axis Bank’s Nariman Point branch. Earlier, branch head Biswaroop Mukherjee had approached the EOW on August 20, 2024, prompting a preliminary inquiry before the registration of the FIR.

According to the FIR, Dedhia borrowed Rs15 crore from IIFL in 2015 to finance the ‘Yash Signature’ project, mortgaging 18 flats and an office unit. He later sought a Rs20 crore loan from Axis Bank’s Chembur branch to repay IIFL and continue construction.