Gujarat: Builder Abhay Lodha Arrested in Rs 4-crore Fraud Case

| Updated: July 4, 2022 5:52 pm

Abhay Lodha, a Mumbai-based builder with the “Topworth” Builders Group, was apprehended by the Gujarat Crime Investigation Department (CID) Crime in connection with a Rs 4 crore fraud committed against an Amreli resident.

Lodha was arrested by a team from the Amreli unit of CID Crime after being booked under sections 420 for fraud and 406 for criminal breach of trust in an FIR submitted to the Rajkot zone CID Crime police station by Karshanbhai from Amreli, according to the police. After being hauled to Amreli on Saturday, Lodha was first held under police remand for a day before being transferred to judicial custody and lodged in a local jail.

According to officials, Lodha allegedly enticed Karshanbhai with the prospect of a larger loan amount and fraudulently listed him as a guarantor on one of his loans.

“Three years ago in 2019, the complainant approached the CID Crime Rajkot zone, claiming he was approached by Lodha, who suggested he could get him a loan of Rs 45 crore-50 crore if he agreed to put his multiple properties in the Sahaj City project in Amreli as a guarantee to a private bank in Mumbai.” Karshanbhai had handed over the property papers to Lodha, lured by the prospect of a higher loan amount. However, the latter had falsely made him a guarantor on one of his Rs 50 crore loans.

“When the victim demanded repayment, Lodha only paid him Rs 6 crore. The victim later discovered that his properties were never used to apply for a new loan,” said a senior CID Crime Gujarat official.

“The FIR against Lodha names seven people as suspects. We had received a day’s remand for Lodha, which ended today, and he is now in judicial custody,” the official added.

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