Chinar Group director Sunil Moolchandani has been booked by EOW in a fraud case. He is accused of defrauding Dewan Housing Finance Limited (DHFL) of Rs 100 crore.
The operators of Chinar Group had mortgaged the properties by taking a loan of Rs 100 crore from DHFL for the Chinar Dream City project of Ratanpur, Narmadapuram Road. In violation of the agreement, he sold the mortgaged property with a fake NOC (No Objection Certificate) without even repaying the loan from the finance company.
The Economic Offenses Bureau (EOW) has registered a case against Sunil Moolchandani, his father Gopichand Moolchandani, late mother Mayadevi, wife Anu, son Manit and two firms Chinar Realties and Chinar Retails and Infrastructure for conspiracy to commit fraud by preparing forged documents. EOW's Jabalpur and Indore units have also registered fraud cases against Sunil Moolchandani.
According to the EOW, Chinar Realties Pvt Ltd and Chinar Retails & Infrastructure Pvt Ltd are developing the Chinar Dream City project on 23.07 acres of land at Narmadapuram Road, Ratanpur. Sunil Moolchandani had entered into a 31 percent partnership agreement with land owners Ramesh Kumar Bhavnani, Ghanshyam Chawla alias Pinan Chawla, Roshan Chawla and Darshan Chawla.
A loan of Rs 100 crore was taken from DHFL in 2017. In 2021, DHFL merged with Piramal Housing & Capital. For this reason a re-agreement was signed with Piramal Housing and Capital. Chinar Builders became the corporate guarantee and Gopichand, Sunil, Mayadevi, Anu and Manit became the personal guarantors of the loan agreement. In this, properties of many projects were mortgaged as guarantee.
As per the agreement, an escrow account was opened. The amount of the property sold was to be deposited in this. The mortgaged properties of Chinar Florence, Chinar Incube Business Centre, Chinar Fortune City, Chinar 7 Mile and Chinar Next were sold by them as collateral securities.
Later the loan account become NPA (non-performing asset). Piramal Housing and Capital had handed over the case to Omkara Assets and Reconstruction Private Limited Company for loan recovery. When the loan was not recovered, this relation had complained about fraud by Omkara Company in EOW by preparing forged documents.
After investigation, EOW arrested builder Sunil Moolchandani, his father Gopichand Moolchandani, mother Late. A case has been registered against Mayadevi, wife Anu Moolchandani, son Manit Moolchandani, firm Chinar Realties Private Limited and Chinar Retails and Infrastructure Private Limited under sections including fraud.
Sunil, who was absconding for a long time in a fraud case, was arrested by the police two years ago and sent to jail. He is released on bail. A case of fraud was also registered against him in Bhopal EOW in 2015. Many check bounce cases are registered against him.
