Archive · 31 May 2025
CBI Books Promoter, Valuers for ₹5.22 Crore Housing Loan Fraud
Imagine some people wanted a loan to build a house, and they tricked a bank to get it.
They said their land was worth more than it was to get a bigger loan.
The bank's hired experts also helped by saying the land was worth a lot.
The bank gave the loan, but the people couldn't pay it back.
When the bank tried to sell the house to get its money back, no one wanted to buy it for the price they thought it was worth.
Now, the government's crime investigators are looking into this.
CBI registered a case against a promoter, rice mill owner, wife, and bank valuers.
The accused sought a ₹5.22 crore loan from SBI for a property in Zamin Pallavaram.
Valuers assessed the property at over ₹6 crore, supporting loan approval.
The loan went into default, and the property was auctioned with no takers.
CBI investigation initiated after the bank suspected fraud in valuation.
- Who
- P Krishnan, wife, real estate promoter, bank valuers.
- What
- CBI registered a case for loan fraud.
- When
- In 2018, loan was sanctioned; default in 2021
- Where
- Zamin Pallavaram, Meenambakkam branch of SBI
- Why
- To obtain housing loan of ₹5.22 crore for a property with inflated value.
- Accused
- Real estate promoter, rice mill owner, wife, bank valuers
- Bank Involved
- State Bank of India (SBI)
- Loan Amount
- ₹5.22 crore
- Property Location
- Zamin Pallavaram
- Land Area
- 9,641 sqft
- House Area
- 5,335 sqft
- Valuation Amount
- ₹6+ crore
- Auction Base Price
- ₹3.46 crore