Ahmedabad real estate firm booked for selling mortgaged flats, shops without bank’s nod

A shocking case of alleged bank fraud has surfaced in Ahmedabad after directors of a city-based real estate firm were accused of selling mortgaged properties without the knowledge or permission of ICICI Bank after securing a loan worth crores of rupees.

A complaint was registered at Navrangpura Police Station after the builders allegedly stopped repaying the loan instalments, exposing the entire fraud.

As per the available details, Dinesh Yadav, a resident of Chandlodia and an employee with ICICI Home Finance located on C G Road in Navrangpura, lodged the complaint. The accused builders, identified as Ronak Sonani and Gordhan Gangani of Keshav Narayan Buildcon LLP, operate their office on Bopal-Ambli Road.

The builders had allegedly mortgaged several flats and shops from their ‘Akshar Elysium’ project with the bank and secured a loan of around ₹3 crore against the properties.

Police said the builders had been regularly paying loan instalments till January 2025. However, irregularities in repayments started surfacing thereafter and eventually the instalments stopped completely.

Following the default, bank officials initiated a detailed verification of the loan account and the mortgaged properties. During the investigation, officials discovered that the builders had allegedly sold several mortgaged flats and shops to other buyers without obtaining any NOC or permission from the bank.

As per the complaint, the accused builders sold the mortgaged units despite the properties being under the bank’s charge. Officials claim the transactions were carried out without informing the bank, amounting to cheating and breach of trust.

Navrangpura police have registered a case in connection with the alleged fraud.