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Udupi: Businessman duped of Rs 95 lac by three Mumbai residents

  •   Thu, Oct 20 2016 08:12:31 AM

Daijiworld Media Network–Udupi (HB/EP)

Udupi, Oct 19: Three residents of Vashi Navi Mumbai have allegedly cheated a Manipal based businessman of Rs 95,07,919 in a deal relating to building.

Mahadevi Shankera Koli, Ramachandra Shankera Koli and Rajesh Chedda who are residents of Vashi Navi Mumbai had mortgaged their building at Plot No. D-207, MIDC, Navi Mumbai, to Mercantile Cooperative bank in Mumbai, and borrowed loan from the bank. As the loan was not repaid, the bank had ordered for its public auction sale.

Ramachandra Shankera Koli and Rajesh Chedda, the second and third accused despite knowing the developments came and met Sathish Rao from Manipal Technology Limited, Shivalli in Udupi taluk and finalized Leave and License agreement with regard to the property on February 25, 2015.

Sathish Rao paid a total Rs 95,07,919 including dealer’s commission during February, March, April and May, 2015. The amount was paid in instalments to Sri Swamy Samartha Automobile Company belonging to first and second accused. The accused had prepared a duplicate document of the property which looked like the original document in order to cheat Sathish Rao.

A police case stands registered in Manipal police station under various sections of the IPC.
  

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Comment on this article

  • Rudolf Rodrigues, Mumbai

    Thu, Oct 20 2016

    Nowadays, in Maharastra. all property registration is e stored and anybody can check the status of the property online by feeding relevant details! Also, the society/industrial estate would have been knowing about the mortgage!! I cannot imagine how a person can pay so much money w/o cross checking with them!!

    DisAgree [3] Agree [16] Reply Report Abuse

  • Joseph, Qatar

    Thu, Oct 20 2016

    Possibly, Sathish Rao alongwith some other people (friends / business entities) may have entered into an agreement and he must have been asked to liaise directly on their behalf. There are several factors / options here. Too early to comment at this preliminary stage. But this is a job of somebody who has ''brains'' and must have rehearsed this till this became a picture perfect exercise. Remains to be seen how long this issue will take to get solved.

    DisAgree [1] Agree [4] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Thu, Oct 20 2016

    Mostly in such cases there is connivance of registration authority officials!!

    There have been many instances in Mumbai in the past where a single property had been mortgaged up to 3 different banks!! Even usurping of long unused property by using fake documents, this is not possible without connivance of the registration dept people!!

    DisAgree [1] Agree [4] Reply Report Abuse

  • Peter Lewis, Kalmady/ k s a

    Thu, Oct 20 2016

    Karnataka is easy target for outsiders to carry out all types of Crimes.

    DisAgree [1] Agree [17] Reply Report Abuse

  • Indian, INDIA

    Thu, Oct 20 2016

    Koli surname indicated they are agri/koli community natives from Vashi. it is too diff. to get money. while investing so much money always to be careful especially if you are not a native of that land.

    But still it is better to go legally most of the kolis do dadagiri but they do not have much financial support.

    wishing Mr. satish Rao all the best May the Almighty guide you.

    DisAgree [2] Agree [14] Reply Report Abuse

  • William DSouza, Mangalore

    Thu, Oct 20 2016

    Encumbrance Certificate plays a significant role. Probably, he may not have sought. Fradulant people knows how to convince....

    DisAgree [3] Agree [11] Reply Report Abuse

  • suresh, Mangalore

    Thu, Oct 20 2016

    if it is equitable mortgage by depositing the original title deeds, it is not compulsorily to be registered. However, most of the banks are practicing the register of memorandum of Deposit of title deeds.If it is a registered mortgage( with out depositing the title deeds) , then only it will appear in EC.

    DisAgree [1] Agree [6] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Oct 20 2016

    These days only FEKUGIRI ...

    DisAgree [18] Agree [26] Reply Report Abuse

  • Dev Kumar, Mangalore/New Delhi

    Thu, Oct 20 2016

    Approach Pramod Madhavraj...a last option.

    DisAgree [10] Agree [24] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Oct 20 2016

    my last option is Modi ...

    DisAgree [20] Agree [22] Reply Report Abuse

  • Dev Kumar, Mangalore/New Delhi

    Thu, Oct 20 2016

    At last you endorsed modiji..as surviour hope of future. Hope more of people fall in the same category and differences reduced much in coming days. No other choice..

    DisAgree [24] Agree [21] Report Abuse


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