Authorities investigate claims that pledged residential and commercial units were sold without bank approval in a suspected real estate fraud case

A real estate investigation has been launched in Ahmedabad after allegations surfaced that a builder firm sold flats and commercial properties that were already mortgaged against a bank loan of nearly ₹3 crore. Police are now examining whether the encumbered units were transferred to buyers without informing the lending institution or obtaining required approvals.

The case has raised concerns over financial irregularities in the local property market and possible misuse of secured assets.

Loan Default Triggers Discovery of Alleged Fraud

The dispute came to light after a complaint was filed at Navrangpura police station against directors of Keshav Narayan Buildcon LLP, the developer behind the Akshar Elysium project in Ahmedabad.

According to the complaint, the firm had taken a loan of around ₹3 crore from ICICI Home Finance by mortgaging several flats and commercial units as collateral.

While initial repayments were reportedly made on schedule, authorities said irregularities began surfacing after January 2025, when EMI payments became inconsistent and eventually stopped.

Following the default, the lender reviewed the loan account and discovered that multiple mortgaged properties had allegedly already been sold to third-party buyers.

Allegations of Sale Without Bank Consent

Investigators claim that the disputed units were transferred without obtaining a mandatory No Objection Certificate (NOC) from the financing institution, despite being pledged as security for the loan.

The complaint was filed by an employee of ICICI Home Finance’s CG Road office in Ahmedabad. It names company operators Ronak Sonani and Gordhan Gangani as key individuals under scrutiny for alleged financial misconduct and unauthorized property transactions.

Police are now mapping out how many units were sold while under mortgage and whether buyers were informed about the encumbrance status at the time of purchase.

Probe Expands to Financial and Documentation Records

Authorities are currently examining:

• Mortgage and loan agreements
• Property registration and transfer records
• Buyer documentation and sale deeds
• Bank repayment history
• Financial transaction trails

Investigators are also assessing whether intermediaries, including brokers or agents, played any role in facilitating the alleged unauthorized sales.

A key part of the inquiry is determining whether purchasers were aware that the flats and shops were already pledged as collateral to the bank.

Possible Wider Financial Misuse Under Investigation

Officials indicated that the case may extend beyond a simple loan default, suggesting potential concealment of encumbered assets and misuse of secured properties.

The probe is also exploring whether funds from property sales were diverted and whether additional stakeholders or financial institutions may have been affected by the transactions.

If confirmed, the allegations could lead to both criminal proceedings and multiple civil disputes involving ownership rights and recovery actions by lenders.

Growing Concerns in Real Estate Sector

The case has once again highlighted risks in India’s fast-moving real estate sector, particularly concerning the sale of mortgaged properties without lender approval and weak due diligence practices.

Experts say such cases often lead to prolonged legal disputes between buyers, builders, and financial institutions, especially when property status is not clearly disclosed at the time of sale.

Authorities are expected to continue gathering evidence as the investigation progresses.

A humanitarian initiative in Jammu and Kashmir aimed at supporting Iran has spiraled into a major financial scandal, with authorities estimating that nearly ₹17.91 crore in cash, along with gold, jewellery, livestock, and household valuables, may have been misappropriated. The campaign, launched after an appeal by the Iranian Embassy on March 14, 2026, appears to have been exploited by an organised network of intermediaries, according to a classified J&K Police report dated March 24.

Investigators say the network primarily targeted the Shia community, leveraging emotional and religious appeals through door-to-door campaigns, mosque announcements, and local collection centers. Many donors, including economically vulnerable families, reportedly contributed life savings, wedding funds, Eid savings, and essential household items, trusting the campaign as a moral and religious obligation. Budgam accounted for ₹9.5 crore in collections, followed by ₹4 crore from Baramulla and ₹2 crore from Srinagar, with additional contributions from Kulgam, Bandipora, Ganderbal, and Pulwama.

Conduit System and Cross-Border Links

Authorities have uncovered a “conduit system” that may connect the local collection network to external actors and separatist elements. Two individuals, Hakeem Sajad from Bagwanpora, Srinagar, and Syed Ruhollah Rizvi, based in Iran, are under scrutiny for allegedly facilitating fund diversion. Preliminary findings suggest that nearly half of the contributions may have been used to sustain a local “payroll” network, potentially financing influence operations within the region.

Security experts have drawn parallels with previous cases, including the Maulavi Sarjan Barkati crowdfunding controversy, where donations intended for public causes were reportedly rerouted for organised networks. Officials stress that emotional and religious messaging can be exploited to mobilise funds, leaving vulnerable families at risk of financial exploitation.

Multi-Agency Investigation Underway

Given the potential national security implications, multiple agencies—including the State Investigation Agency, National Investigation Agency (NIA), and Enforcement Directorate (ED)—are investigating the case. Teams are reviewing financial records, communication channels, and cross-border transactions to trace fund flows, identify key operatives, and determine the final use of the resources.

Authorities have warned that unauthorised fundraising campaigns could face strict legal action and urged citizens to verify the legitimacy of any organisation soliciting donations.

Fraud Under the Guise of Religious Duty

The scandal has sparked debate over the misuse of religious and communal trust. Investigators emphasize that charitable campaigns within close-knit communities require transparency and accountability. Misappropriation of funds in the name of religion not only constitutes financial wrongdoing but also erodes public confidence in humanitarian initiatives.

As the probe continues, agencies aim to hold responsible parties accountable and restore public trust. For donors who contributed in good faith, the controversy underscores the importance of caution when participating in grassroots fundraising campaigns.

The Maldives Consulate is investigating a credit card fraud incident involving one of its officials while in transit, authorities confirmed on March 28, 2026. The case has prompted inquiries into whether the breach stemmed from a data leak or involved internal complicity.

The incident reportedly occurred during a flight, when the consul’s payment details were allegedly compromised. Officials have not yet disclosed the exact method of the fraud but are examining all potential vectors, including unauthorized access to travel-related systems or insider involvement.

Local and international law enforcement agencies are collaborating with the Maldives Ministry of Foreign Affairs and relevant banking institutions to determine the scope of the breach and mitigate potential financial damage. “We are conducting a thorough investigation to ensure accountability and prevent future incidents,” a spokesperson said.

Experts warn that such in-flight frauds, while rare, can exploit vulnerabilities in wireless payment systems, mobile banking apps, or compromised devices. Travel security protocols are being reviewed across diplomatic missions to strengthen protections against similar threats.

No arrests have been made, and the investigation is ongoing. Authorities have advised travelers and officials to remain vigilant about unusual activity on financial accounts and report any suspicious transactions immediately.