Overview
- Chembur police registered an FIR against Paras Sundarji Dedhia of Yash Builders under IPC Section 409 for criminal breach of trust.
- Axis Bank alleges a wrongful loss of Rs 16.49 crore tied to a 2016 term loan for the Yash Signature and Yash Heights projects.
- A court-appointed commissioner’s visit on February 8, 2024 found the mortgaged units already sold, with title searches by Vijay & Co. and MDP & Partners corroborating the transfers.
- The bank had issued SARFAESI notices and filed a DRT case after repayments stopped in October 2017 and the account was classified NPA on June 30, 2018.
- Investigators say the developer violated escrow and NOC conditions and that buyers were not informed of the existing mortgage.