Zillion Infraprojects MD nabbed in loan fraud
NEW DELHI: The Economic Offences Wing of the Delhi Police has arrested Chandra Shekhar Saxena the Chief Managing Director of M/s Zillion Infraprojects Pvt. Ltd., for allegedly obtaining a loan fraudulently based on fictitious property transactions.
The police were informed about the incident through a complaint registered by a representative of the non-banking financial company at the economic offences wing.
According to the police, the accused Saxena and others reportedly duped a Non-Banking Financial Company (NBFC), IndoStar Capital Finance Ltd., of Rs 2.77 crore through fraudulent means.
The case, registered under an FIR dated August 28, 2019, at EOW, was based on a complaint filed by Supreet Singh, a representative of IndoStar Capital Finance Ltd.
According to the complaint, Saxena and other directors of M/s Zillion Infraprojects Pvt. Ltd. allegedly conspired with M/s Universal Buildwell Pvt. Ltd. to fabricate a sale transaction of a commercial unit at Universal Trade Tower in Gurugram. The fraudulent sale was used to secure a loan of Rs 2.77 crore from the NBFC.
The loan account later defaulted, turning into a Non-Performing Asset (NPA). Upon investigation, the NBFC discovered that it could not claim possession of the property, as it was not properly demarcated.
Furthermore, the property in question had been sold to multiple parties by M/s Universal Buildwell Pvt. Ltd., creating a tangled web of deception.
EOW’s probe revealed that Saxena, in connivance with the directors of M/s Universal Buildwell Pvt. Ltd., orchestrated the fraud.
A fraudulent Builder-Buyer Agreement was drawn to make it appear as if Saxena was genuinely purchasing the commercial unit. Using this agreement as collateral, the accused obtained the loan from IndoStar Capital Finance Ltd.
Chandra Shekhar Saxena, MD of Zillion Infraprojects Pvt. Ltd., allegedly diverted Rs 50 lakh from a Rs 2.77 crore loan, with the remainder funneled to other accomplices. The loan was secured using a fake Builder-Buyer Agreement for a property that had been sold multiple times.
Saxena, previously chargesheeted in a similar fraud, caused significant financial losses to the NBFC. Investigations are ongoing to identify other conspirators and recover the defrauded amount, highlighting the need for stricter loan approval processes. Saxena remains under arrest.
