Ahmedabad: A home finance firm has lodged a complaint against two partners of a real estate company, alleging that they sold mortgaged flats and shops valued at over Rs 2.5 crore without obtaining the necessary consent. The Navrangpura police registered a case of cheating and criminal breach of trust on Saturday in connection with the matter.
Loan and Mortgage Details
The complaint was filed by the territory business manager of the finance firm, who stated that the accused had mortgaged multiple units in their project located at Shilaj-Ambli in November 2023. In return, they secured loans totalling Rs 3 crore. According to police, the mortgaged properties included two ground-floor shops and several residential flats. The loan amount was disbursed into the builder firm's bank account after the execution of mortgage documents and related agreements.
Default and Investigation
Investigators revealed that the borrowers had been making regular instalment payments until January 2025. One loan linked to a specific flat was fully repaid and closed. However, defaults began in February 2025, prompting the finance company to initiate a legal review of the mortgaged properties.
A search report submitted by an advocate allegedly uncovered that several mortgaged units had already been sold to third parties without obtaining the mandatory no-objection certificate (NOC) from the finance company. Police confirmed that the properties were sold through registered sale deeds between July 2024 and June 2025, without informing the lender.
Financial Losses Alleged
The complainant alleged that the accused caused wrongful losses amounting to Rs 2.54 crore, which includes pending dues, interest, and related charges. The police are currently investigating the case.
