Three years RI and Rs.15 lakh fine to former MD of real estate company

January 06, 2017 11:54 PM

Pujab News Express/ S.K.Vyas
NEW DELHI:The Chief Judicial Magistrate, Ernakulam(Kerala) has sentenced C.A. Nazar, then Managing Director of M/s Fifa Builders Pvt. Ltd. & Promoter of Fifa Towers, Kochi to undergo three years Rigorous Imprisonment with fine of Rs.15.25 lakh.

This was stated by R.K.Gaur,spokerperson of the CBI todaty.He said CBI registered a case on the allegations that C.A. Nazar during the year 1999, cheated LIC Housing Finance Ltd., Ernakulam by illegally taking loans in the names of different persons & using forged documents. The accused filed forged applications to the LIC Housing Finance Ltd. in the names of different persons and forged connected valuable documents like Agreements, General Power of Attorney, Tripartite Agreement, Authorisation by the borrower, Sworn affidavit etc. The LIC Housing Finance Ltd., Ernakulam sanctioned & disbursed a total amount of Rs.27.09 lakhs to the accused on the basis of forged documents.
The Trial Court found the accused guilty and convicted him.

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