EOW arrests bizman for selling mortgaged property

New Delhi: The Economic Offences Wing of Delhi Police has arrested a businessman for selling mortgaged property.

Police identified the accused as Jai Bhagwan Singhal (55). The present case was registered on the complaint of Alok Kumar from Dewan Housing Finance Corporation limited against Jai Bhagwan Singhal and others. "Complainant alleged that Jai Bhagwan Singhal and his family members availed loan against property in Punjabi Bagh of Rs.4.95 Crores and created equitable mortgage of the property by submitting original title documents of the property," Joint Commissioner of Police (EOW) OP Mishra said.

After availing the loan accused Singhal sold second floor to one V. Sunita Rao for a sale consideration of Rs.1,25,50,000. Similarly third floor with stilt and terrace right of the above property sold to one Anju Saluja for a sale consideration of Rs.1,06,00,000 without any permission from DHFL and also filed wrong information with the Sub-Registrar office that the property is free from all sorts of encumbrances and mortgage. During probe the accused was arrested.