Published On : Thu, Jul 25th, 2013

Layouts of conspiracy: Some banks pouring money of investors in real estate cunningly

Nagpur News: The ever mushrooming of layouts, not only in Nagpur city but in every village and town surrounding the Orange City, is baffling many a citizen. The only possible reason for a network of layouts cropping up steadily and speedily, it appears, is availability of money easily.

However, there is black side, too, in this ever increasing network of layouts. And the black side is: Some banks and co-operative societies are slyly pouring in lakhs and lakhs of investors’ money caring a hoot for rules and regulations. A scanner, just to find reasons for mushrooming of layouts, was taken aback by a diabolical fact that some layout developers conspired with some higher officials of banks and cooperative societies to invest in the layouts with the money of large number of investors. This is just a criminal conspiracy and, nothing else.

The dilution of some specific rules and regulations by the Reserve Bank of India (RBI) facilitated some co-operative banks and societies which found “loopholes” in RBI’s rules and took the advantage to the hilt. The banks and societies poured money like rain water drops in developing the layouts without informing the investors. Not to mention the layout developers and the officials of bank and societies mopped up laks and lakhs by their “mushroom network of layouts conspiracy.”

On one hand, when a common man needs a loan from a bank or a co-operative society, the “aam aadmi” turns all the tables or runs from pillar to post to get a loan. And even if gets the loan that too only after dozens of visits and submitting dozens of documents. On the other hand, banks and co-operative societies are themselves investing in the very very lucrative real estate business with the depositors’ security deposits with impunity but without a thought.

The scanner found the many directors of banks of many banks, builders, developers, and brokers, conspiring and committing “frauds of a sort” in the network of layouts and in a way cheating the investors who showed their trust in the banks. Some banks are charging 14 per cent interest  on home loans instead of 10 per cent as per directives of RBI. Moreover, the RBI has authorized the banks and the co-operative societies to disburse home loans only. But the scanner found that the banks/co-op societies have been disbursing loans on open plots of lands. The investors are often advised to invest in such ventures with secured safety.

However, the “fraudster” officials of banks and co-op societies are playing with fire, fire of recession which has spread its blackest shadow everywhere and not spared a single product of general use. And, if the banks/ co-op societies receive a mighty hit of recession the only losers would be themselves. Losers of crores and crores. Time has come to think twice before an adventure. No plan goes as planned.

And, if the District Administration investigates the cropping of newer and newer layouts, it will definitely find the conspiracy theory with in larger magnitude vis-à-vis involvement of several government babus.