A couple operating a gym chain in Mumbai has been booked for allegedly defaulting on a ₹7 crore business loan obtained in 2014 from a cooperative bank. The couple had mortgaged three flats and gym equipment as collateral. However, they clandestinely sold one of the mortgaged flats without informing the bank. Upon discovering this during auction proceedings, the bank confronted the couple, who promised to reverse the sale but failed to do so. The bank managed to recover ₹5.6 crore by auctioning the remaining assets but is still attempting to recover ₹4.6 crore. An FIR has been lodged at the Goregaon police station.

In a separate incident, four individuals—two brothers and their wives—were arrested in Chennai for defrauding a bank of ₹7 crore. The accused secured a business loan by submitting forged property documents and failed to repay the amount. They were arrested by the Central Crime Branch of the city police and remanded in judicial custody.

Additionally, in Bhubaneswar, a couple was arrested for securing over ₹1 crore in loans by pledging properties that were already mortgaged for a previous loan of nearly ₹3.8 crore. The Economic Offences Wing of the state crime branch arrested the couple following a complaint from a private bank.

These cases highlight ongoing issues of loan fraud involving multiple properties and forged documents across different cities in India.

Sources