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AURANGABAD: City police have booked three people, including a woman, for obtaining loan from two banks by mortgaging the same property and keeping both the financial institutions in the dark.

Based on a complaint lodged by 47-year-old Sumedh Paikrao, a representative of Oriental Bank of Commerce, Kranti Chowk police have registered a case of cheating and criminal breach of trust against the suspects.

Taking cognizance of the incident, police commissioner Chiranjeev Prasad has tasked the Economic Offences Wing (EOW) to investigate this case.

As per complaint lodged by Paikrao, the suspect trio, hailing from Patoda, on April 6, 2013, obtained a loan of Rs 5 crore from Bank of Maharashtra for construction of a godown by mortgaging their land admeasuring 4.32 acre.

Assistant commissioner of police (crime) Nagnath Kode said that as per procedure, the documents of this plot should have started reflecting under hypothecation with a bank, but for the reasons best known to the suspects the record was never updated.

Taking advantage of this situation, the suspects, reached out to Oriental Bank of commerce’s Samarthnagar branch earlier this year and applied for a loan towards the same land.

