MUMBAI: A property developer, who allegedly took a Rs 10 crore loan by mortgaging his bungalow and later defaulted in repaying the debt to a
housing finance company, was arrested on Thursday.
The accused in the case is Amit Palshetkar of Sai Ninad Enterprises. The economic offences wing’s housing unit is on the lookout for five more people, including Amit’s parents.
This is the fifth case against Amit. The Navghar police have booked Amit and his relatives in various cheating cases in which they failed to give possession of flats. “Amit was arrested in 2017 in a cheating case,” said an official from the Navghar police station.
The current case was filed by
Indiabulls Housing Finance Co Ltd at Dadar police station under IPC sections of cheating, forgery, breach of trust and criminal intimidation and 120B of criminal conspiracy.
Amit and his partners Abhishek Phalshetkar, Subhangi Phalshetkar, Anushka Phalshetkar, Aniket Phalshetkar and Anjali Phalshetkar took loans of around Rs 10 crore in 2015 under the pretext of constructing a township in Mira Road.
“The accused mortgaged properties, including a bungalow at Borivli, and some shops. The accused defaulted after paying a sum of Rs 2 crore,” said an officer.
The matter was referred to the Debt Recovery Tribunal in March, which directed Indiabulls to take over Amit’s Borivli bungalow.
Later Indiabulls officials learnt that some of the mortgaged properties were already sold.
Representative image 
