The Gujarat Crime Investigation Department (CID) Crime has arrested Mumbai-based builder Abhay Lodha of ‘Topworth’ Builders group in a case relating to fraud of Rs 4 crore committed against a resident of Amreli.
Police say a team from CID Crime’s Amreli Unit arrested Lodha from his residence in Mumbai and brought him to Amreli after he was convicted under Sections 420 of fraud and 406 of criminal breach of trust in an FIR filed at Rajkot area CID Crime Police station near Karshanbhai of Amreli. Lodha, who was brought to Amreli on Saturday, was taken into custody for a day and then taken into custody at a local jail.
According to officials, Lodha lured Karshanbhai with prospects of a larger loan amount and fraudulently showed him as a guarantor in one of its loans.
“The Complainant approached CID Crime Rajkot area three years ago in 2019 saying he was approached by Lodha who suggested that he get him a loan of Rs 45 crore-50 crore if he would agree to put his multiple properties in the Sahaj City project in Amreli as collateral to a Mumbai private bank. Attracted by the prospect of a larger loan amount, Karshanbhai had handed over the property papers to Lodha. However, the latter had fraudulently made him a guarantor for one of his loans of Rs 50 crore.
“After the victim asked for the loan amount, Lodha only paid him Rs 6 crore. Later, the victim realized that his properties were never used to apply for a new loan,” said a senior CID Crime Gujarat official.
“There are a total of seven defendants in the FIR against Lodha. We had received a day of custody from Lodha which ended today and now he is in custody,” the official added.
Lodha and Topworth Group have faced more than seven FIRs filed by the Central Bureau of Investigation (CBI) in the recent past for loan default. The group owes over Rs 4,392 crore to banks and has been in insolvency proceedings since 2019.