Loan scam
The police are investigating the activities of fraudsters involved in a racket to cheat several banks and apartment buyers. Preliminary investigation revealed that the fraudsters sold the same property to multiple buyers, before registering it in the name of one of the gang members.The fraudsters have been accused of submitting multiple mortgage documents(fake ones) to [...] Continue Reading »
Bankers would now exercise greater caution before sanctioning loans for project finance. Several bankers and housing finance executives said the guidelines would become more stringent across-the-board, particularly for project financing. Stung by Housing Loan Scam, banks and housing finance companies will seek additional security and add completion guarantee clauses into agreements before sanctioning loans to [...] Continue Reading »
The Loan scam could have a short-term adverse impact on the real estate sector. Banks that have exposure to real estate are stepping up their due diligence. Such scrutiny may tighten realty firms’ liquidity positions as banks may go slow on loan sanctions. Though some realtors dismiss the problem as a minor aberration, there are [...] Continue Reading »
Loan scam to hit realty companies as bankers turn cautious in sanctioning fresh loans. The arrest of eight finance executives by the Central Bureau of Investigation on Wednesday on charges of taking bribes to sanction loans does not lead to a systemic risk but bankers turn cautious in sanctioning fresh loans for new property, forcing [...] Continue Reading »
