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Three ex-Indian Overseas Bank officials arrested in Rs 2.35 crore home loan scam

NAGPUR: The economic offence wing (EOW) has unearthed a housing loan scam worth Rs2.35 crore at the Indian Overseas Bank’s (IOB) Hanuman Nagar branch. Cops have arrested three officials – former assistant manager (advance) Gopichand Khandekar, Pranali Baghel and the then bank manager Suresh Bhander — in the case.

In 2015, the bank had started a housing loan scheme ‘Shubhgruh Housing Scheme’ in which IOB had given loan to people seeking assistance in building their houses. Between July 2015 and April 2016, seven loans worth Rs2.35 crore were sanctioned to around 12 people including a Nagpur University guard. However, the accused had submitted fake and forged documents including payslip, bank statements and other required documents.

The accused after procuring the loan did not even pay back the instalments. A case of fraud was registered at Imambada police station on April 23, 2018. During investigation it came to fore that bank officials sanctioned loans without verifying documents and did not even carry out post loan sanction verification. This led to the huge scam in the bank.

The cops arrested the three banks officials who had also approached courts for anticipatory bail which was denied and led to their arrest. Three loan defaulters had also been arrested earlier on April 24. The cops are currently looking for the other absconding accused in the case.

Haryana initiates process to cancel 11 land registries in Manesar

CHANDIGARH: The Haryana government has initiated the process to cancel all the 11 registries of land in Manesar which were done against the judgment of the Supreme Court.

“Action will be taken against those involved in selling government land fraudulently. Also, the ‘Intekals’ which were registered have been cancelled,” Gurugram Deputy Commissioner Vinay Pratap Singh said on Thursday.

He said as per a March Supreme Court order, land was acquired in Manesar and the proprietary rights were given to the Haryana State Industrial and Infrastructure Development Corp (HSIIDC).

“However, the earlier owner sold this land to another person and got the registry done. Taking note of this, the state government, on the basis of a preliminary inquiry, suspended the Tehsildar, Kanungo and Patwari.

“The Nayab Tehsildar has been chargesheeted and departmental proceedings are being carried out against him. Also, the services of data entry operator involved in this matter have been terminated,” Vinay Pratap Singh said.

The Deputy Commissioner said that nearly 4,000 claims and objections were received from people living in Gurugram city after a survey was conducted to determine compensation for the constructions and properties falling within a radius of 300 meters of Ayudh Depot in Gurugram.

Under the Defence Act, construction is prohibited within the 900 metre radius of an ammunition depot and a case regarding this was also under consideration in the Punjab and Haryana High Court.

“The committee set up by the Central government has given in principle approval by reducing the restricted radius form 900 to 300 metres,” he pointed out.

On the order of the court, survey of the properties located within the 300 metre radius has been done by the municipal corporation to determine the compensation for them.

Housing schemes needs to push steel demand: Steel Minister

BENGALURU: Demand for steel is expected to grow for meeting the needs of the state-run flagship schemes like Make in India, housing projects and the defence sector, said Union Steel Minister Chaudhary Birender Singh on Friday.

“Demand for value-added and sophisticated grade of steel is expected to grow to meet the needs of state initiatives like Make in India, Pradhan Mantri Awas Yojana, Pradhan Mantri Gramin Vikas Yojana and the defence sector,” he told reporters after the National Steel Consumers’ Council meeting here.

With per capita consumption of steel in India at around 68 kg, it stands at less than a third of the global average consumption of around 208 kg, the Minister noted.

“The issues of demand, supply, product innovations and logistics require serious deliberations. The Consumers’ Council needs to draw the expected roadmap of logistics for seeking priority attention of policy makers,” he added.

Steel contributes about 2 per cent to the country’s Gross Domestic Product (GDP).

“The state has identified infrastructure as a priority sector, which is bound to bolster the GDP growth rate. Considering the advantages of steel-based structures like lower lifecycle and high design flexibility, steel is a major material in infrastructure development,” added Singh.

The Union government’s programmes including Smart Cities Mission, Housing for All, Atal Mission for Rejuvenation and Urban Transformation and modernisation of defence sector are expected to use domestic steel, the Minister said.

“These initiatives will provide the additional push to increase the domestic steel demand in short-to-medium term,” he added.

There is, however, a need for the industry and steel consumers to work together to promote the usage of steel in hilly areas, railways and development of special grades for energy and medical purposes etc, Singh said.

During the Consumers’ Council meeting, a mobile app of the state-run MSTC Ltd, an e-commerce undertaking of the Ministry of Steel, was launched in order to bring buyers and sellers closer.

Minister of State for Steel Vishnu Deo Sai was also present on the occasion.

Top 10 Extravagant Mansions of Footballers

These famous footballers are the most highly paid professionals around the globe who are worth millions of dollars each. Their homes are probably the best examples of extravagance and architectural beauty. They go for luxury and grandeur when it comes to spending on their expensive estates. We give you a countdown of the 10 most splendid homes of footballers.
10. Mario Balotelli

Super Mario’s $5 million extravagant estate is a beauty inside out. The home is the definition of sophisticated designing. The mansion sports everything luxuriant, from a home cinema to an indoor pitch or swimming pool. The exclusive property is estimated at $5 million.
9. Lionel Messi

The football shaped house on a football pitch shaped ground was specifically designed for Messi by architect Luis de Garrido. The idea shows how his life revolves around the one thing and how much it matters. Designed like a football stadium, the $5 million house is located just outside Barcelona. The home also includes a football pitch inside the house and other amenities like a spa, a private theater.
8. Gareth Bale

Gareth Bale resides in the most exclusive, high-value areas of Spain. His neighbours include Cristiano Ronaldo, Gareth Bale and Zinedine Zidane. The two-storey-four-bedroom house has been valued at $6.69 million. There’s an indoor pool, a gym, a six-car garage, many terraces and porches.
7. Cristiano Ronaldo

The Real Madrid superstar owns an 8600 sq. ft. lavish home in Madrid worth $7.1 million. The Portuguese star's palace, La Finca, houses seven bedrooms, eight bathrooms, a trophy and achievements room, a swimming pool, hot tub, basketball hoop and of course, a football pitch.
6. John Terry

The beautiful red-brick house of the Chelsea and England defender is valued at $7.5 Million. The 10 bedroom house has amenities such as electrically operated gates, a home theater which can entertain 34 people, a triple garage, massive driveway, lawn and a sun terrace.
6. John Terry

The beautiful red-brick house of the Chelsea and England defender is valued at $7.5 Million. The 10 bedroom house has amenities such as electrically operated gates, a home theater which can entertain 34 people, a triple garage, massive driveway, lawn and a sun terrace.
5. Didier Drogba

The 36-years old African football player’s mansion on an 800 sq. meter piece of land is worth $14.5 Million. His home has 8 bathrooms, seven bedrooms, additional bedrooms for children and a sports museum.
3. Wayne Rooney

The Manchester United striker has an estimated annual income of $32.6 million. It is well enough to buy a $17.8 million palace. Rooney’s enormous property houses a swimming pool, gym, a sport museum, Jacuzzi, a garden and a home theater.
2. Samuel Eto’o

Samuel Eto’o bought the Italian Villa Altachiara for $25 million. The mansion has 40 rooms on the 30,000 sq metres of land. The villa which is apparently haunted by the curse of Tutankhamun, was previously the summer home of Lord Carnarvon, who was the financial backer of Howard Carter , the man who discovered the Pharoah’s tomb in 1922. Lord Carnarvon died from a mosquito bite, followed by deaths of many others, which is why the villa is known to be jinxed by the 'Curse of the Pharaoh'.
1. David Beckham

The Beckingham Palace is the perfect family home to drool over! Beckham, the highest paid footballer of all time, purchased this $47 million mansion after marrying fame of ‘Spice Girls’, Victoria in 1991 and gave it the name ‘Beckingham Palace’. The extravagant estate is a complete package with seven bedrooms, an underground parking, hairdressing salon, recording studio, gym, snooker room, footwear room, multiple swimming pools and a massage room. The entire second floor is for their four kids.

Bank of Baroda offloads Rs 410 crore Binani Cement loans to Edelweiss

MUMABAI: Bank of Baroda has sold its Rs 410 crore loans in Binani Cement to Edelweiss Asset Reconstruction Company in a reflection of the lenders’ frustration in resolving a bankruptcy that’s mired in litigation, said two people familiar with the matter.

The sale of the loan involves a structured transaction where the lender would receive a portion of the profits if the ARC is able to recover more than what it was originally valued at, said those people who did not want to be identified.

“It is a structured deal wherein Edelweiss ARC gave the highest offer,” said an official. “As per the structure, Edelweiss ARC would share the upside with Bank of Baroda once the Binani Cement resolution plan finally goes through.”

Aditya Birla Group-owned Ultra-Tech and Dalmia Cement are quarrelling over the control of Binani Cement with each bettering the offer of the other and questioning the validity of each others’ offers.

Lenders had approved a resolution plan of UltraTech Cement which is being opposed by Dalmia Bharat on grounds that they had offered more than UltraTech.

Dalmia Bharat emerged the highest bidder with Rs 6,582 crore offer which was approved by 99.5 per cent of lenders, but this was challenged by UltraTech at bankruptcy court on grounds that the bidding process was not transparent and went on to raise the bid to Rs 7,600 crore.

Wadhwa Group eyes Rs 4,000 crore revenue from NAINA township project phase 1

MUMBAI: Realty developer Wadhwa Group is eyeing revenue worth Rs 4,000 crore from the first phase of its 450-acre integrated township project under the Navi Mumbai Airport Influence Notified Area (NAINA) in Panvel near Mumbai, said a top official of the company.

This is the first integrated project to be developed under the NAINA, a proposed 500 sq km city that will consist of hubs for agro-farming, education, trade, services, information technology and healthcare. The City and Industrial Development Corporation of Maharashtra (CIDCO) is the planning authority for this zone.

“We have started work on the initial phase of this project where we will be creating 5,500 units, which will be completed in the next three to four years. We are expecting Rs 4,000 crore revenues once this entire project on the 138 acres is completed,” said Navin Makhija, MD, Wadhwa Group. The company claimed to have sold 900 units in the pre-launch phase so far.

The first phase of the project ‘Wise City’, being developed on 138 acres under the Pradhan Mantri Awas Yojna (PMAY), will house 23 residential towers offering a total of 10,000 affordable homes, along with commercial and social infrastructure developments.

The first phase is expected to be completed over the next seven to eight years.

For this project, the company has received a sanction of Rs 650 crore from PNB Housing, out of which Rs 350 crore has been drawn so far.

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