I think I have not explained the transaction properly to you sir,
In the year 2008 the Builder has executed Gift deeds in his wife's
name and deposited the Gift deeds in a Bank and availed loan.
In the year 2013 he has released the Gift deeds from Bank after
clearing the Loan.
In between in the year 2010, knowingly that there is a lean on the
flats and without clearing the loan he has cancelled the Gift deeds
and sold the flats to a Purchaser and received the sale consideration.
Thereby,he has neither brought to the notice of the Bank about the sale,
nor he has brought to the notice of the Purchaser about the loan he
has availed from the Bank. As such I feel he has cheated both bank as
well as the Purchaser of the flats.
Apart from this he has not declared about the Sale proceed to the
income tax. He has cheated the Income tax by declaring the flats as
Gifted to his wife even today because he is holding the Gift deeds
with him and regularly renewing the Insurance of the flats in his wife
Please clarify whether this builder has done multiple fraud which I
think is punishable under Section 420 of IPC.
1 Answer from Attorneys
it is a fraud with bank,
better to come with whole documents else nobody will be able to guide you properly.
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