MUMBAI, June 2: The Crime Branch of the Mumbai police has unearthed a Rs 65 lakh scam in the Housing Development Finance Corporation (HDFC), after arresting four persons today.Using fake documents, Afsar Khan alias Azar Abbas Khan, his wife Farida alias Fauzia, Vandana Subedar alias Rekha Bhat and Bijendra alias Ajay Suresh Bhat, connived with HDFC staff including top officials to defraud the corporation, police say.The fraud, which was perpetrated despite close scrutiny of salary slips, loan agreements, sureties, etc, was exposed when the HDFC discovered certain strange coincidences during an internal audit. The corporation found that one Afsar Khan had availed of a loan worth Rs 29,00,000 from the Churchgate office and his wife Farida too had secured a loan amounting to Rs 1,90,000 under the name of Fauzia Attar Khan.The couple had also procured Rs 4,85,000 in the name of Farhat Azar Khan by concealing the fact that they had availed of loans on three earlier occasions.The audit also revealedthat one Vandana Subedar jointly with her son Bijendra Subedar had availed of a Rs 4,25,000 loan in September 1997 for property at Ashish Apratnment, Dahisar (E). Inquiries revealed that the address, particulars of employment and salary certificates were fake, police said. The duo had used aliases like Rekha Bhat and Ajay on more than one occasion.More than 80 per cent of the loan amount was disbursed on the basis of the letter of progress, which was later found to be fake.The scam dates back to 1991-92, when Afsar Khan furnished fake documents to claim that the members of a housing society floated by him were railway employees. Curiously, the HDFC had okayed loans to 23 applicants in a building at Badlapur in Thane district against the fact that there were only 18 flats shown in the approved project.By the time the HDFC discovered the fraud it was too late. The applicants, who were interrogated, confessed that they were not railway or municipal employees as stated in the documents, but acted oninstructions from Afsar Masud Khan for a consideration.On Monday, police raided Khan's residence at J P Road, Andheri (E) and recovered blank salary slips bearing the insignia of the railways and municipal corporation. Fake identity cards, blank passbooks and 19 stamps of fake housing socities were also recovered.
