Surat Moneylender Booked Over Rs 6.5 Crore Demand, Death Threat to Builder

Surat: Singanpor police have registered a case against a moneylender for allegedly demanding up to Rs 6.5 crore or 15 bungalows from a real estate developer despite the developer having transferred two flats worth around Rs 1 crore against an outstanding loan of Rs 88.10 lakh. The accused also allegedly threatened to have the developer run over by a truck.

According to the FIR, Ishan Kevadiya, a resident of Dabhholi, works with his father Ghanshyam in land deals and construction projects. In 2016, Ghanshyam borrowed Rs 1.35 crore from Kirit Vaghani at interest rates ranging from 1.5% to 2.25% at different stages.

At a later stage, even after the accounts were settled, Rs 88.10 lakh allegedly remained payable to Vaghani. As settlement for the amount, Vaghani allegedly had two flats, each valued at around Rs 50 lakh, transferred to his acquaintance Dilip Virani for Rs 25 lakh each.

However, later, the accused, Vaghani, allegedly continued to claim that another Rs 38 lakh was outstanding. He allegedly added interest and compound interest to the amount and began demanding either 10 to 15 bungalows or between Rs 1.89 crore and Rs 6.5 crore from the father-son duo.

When the demands were not met, Vaghani allegedly threatened Ishan with being run over by a truck. Ishan subsequently approached Singanpor police, who booked Vaghani under provisions of the BNS for extortion and criminal intimidation. Police have also invoked relevant provisions of the Gujarat Money-Lenders Act. DeshGujarat