Developer held in UBI loan fraud case

The Economic Offences Wing of CBI,Mumbai,arrested Amritlal Oswal alias Rashmikant Kantilal Shah,proprietor of Pune-based M/s Prithvi Developers,accused of duping the United Bank of India (UBI) to the tune of Rs 2.49 crore in the home loan fraud. On Saturday,Deputy Superintendent (CBI-EOW) A K Chanda,who is investigating the case,produced Shah before Special Judge S N Sardesai. Shah was sent in police custody till May 31. Sanjay Kumar,deputy general manager and chief regional manager of UBI,Mumbai,had lodged a complaint with the CBI on February 1.