Surat: ICICI Home Finance has filed a police complaint against builder Bharat Bharnani and his associates for allegedly cheating the company in a Rs. 1.40 crore loan scam involving a property in Sagarampura.

According to the complaint registered with Athawa police, builder Bharat Mohanlal Bharnani, along with Rakesh Prakashbhai Chauhan, took a loan of Rs. 1.40 crore from ICICI Home Finance in 2019 by submitting a forged clear title report on a property located in Hanumansheri, Sagarampura. Later, despite mortgaging the property for the loan, Bharnani failed to repay the installments as agreed.

Further investigations revealed that without informing ICICI Home Finance, Bharnani illegally sold an office located on the fourth floor of the mortgaged property to another party. He also prepared fraudulent documents for the sale and misappropriated the proceeds for personal use.

Nirav Dilipbhai Desai, manager at ICICI Home Finance’s Milestone Building office in Udhana, lodged the complaint, naming both Bharnani, who has an office at New Opera House on Bamroli Road, and Chauhan, based in Nanpura.

The police have started investigating the case. DeshGujarat