The CBI has booked owners of controversial real estate firm, M/s Royale Empire and M/s Garg Contractors, Jeewan Garg, his wife Asha Garg and two sons — Prince Garg, Rajan Garg — along with two other persons for forgery, criminal conspiracy and causing a loss of Rs 1,624.88 lakh to the Indian Overseas Bank (IOB).
An FIR was registered by the Economic Offences Unit (EOU) of CBI, Delhi, recently. Anil Kumar Loothra, regional manager of IOB, is the complainant. Two other persons were identified as S C Chawla, a resident of Sector 21 in Panchkula, and V D Kaushal, a resident of Mandi Gobindgarh in Punjab.
Sources in CBI said, “Chawla and Kaushal were on the valuers’ panel of Indian Overseas Bank. They had given a high value of the mortgaged properties of the accused, against which crores of loan was obtained by Gargs in 2011 and 2012 but when the actual value of mortgaged properties was ascertained at the time of sale in 2014, it was shown to be very low.”
In his complaint to CBI, Loothra stated, “Jeewan Garg is into constructing flats under the name of Royal Apartments at Peer Muchhala, Zirakpur, and Prince Garg, owner of Garg Contractors, carries out construction activities. The two had applied for loans with the regional branch of IOC in Chandigarh during different months of 2011.”
Sources said out of the mortgaged properties, the fair market value (FMV) of residential house (house number 909 in Sector 9, Panchkula) of Jeewan Garg and his wife Anju Garg was pegged at Rs 500.55 lakh by valuer Chawla while FMV of residential property in Sector 26, Panchkula, which was in the name of Jeewan Garg and his son Prince Garg, was valued at Rs 300 lakh by valuer Kaushal. FMV of open land at Mubarakpur village in Mohali in the name of Prince Garg was valued at Rs 290 lakh by Chawla, who also put the forced sales value of under-construction flats in the name of Royale Empire partners Jeewan Garg and Prince Garg at Rs 1,850 lakh.
The FIR states when the bank officials valued the cost of these mortgaged properties, house number 909 in Sector 9 was valued at Rs 295 lakh, residential property in Sector 26 was valued at Rs 150 lakh and open land at Mubarakpur village was valued at Rs 130 lakh. The actual value of these properties came to light when these properties were put on sale in 2014.
CBI sources said when the bank calculated the value of the mortgaged properties, they left out the under-construction flats of Royale Apartments, Peermuchhala, Zirakpur, because the accused had sold these flats to more than one person and many buyers had already filed cases against the builders.