Ahmedabad: A businessman, 49, lodged a complaint alleging financial irregularities, procedural violations and a criminal conspiracy in the auction and sale of a residential-commercial project in Narol. He claims that a property worth nearly Rs 50 crore was sold through an auction at a reserve price of just Rs 6.3 crore.The businessman had purchased about 7,000 sq yards of land in 2011 and developed a project comprising two 10-storey towers with residential flats and commercial shops. About 200 units were booked. A development agreement was executed in 2014, and a cooperative bank sanctioned a Rs 5 crore project loan in 2016.The complainant alleged that after financial and personal setbacks, he handed over the project to business associates in 2018, who were expected to take over the loan liability and complete construction. However, he claimed his name was never formally removed from the loan account despite a request to the bank.He has also questioned the bank’s recovery proceedings, alleging that an auction process was initiated within days of a notice issued during the Covid-19 period. The complaint further alleges that repayment offers from investors and customers were ignored.
