Bank takes over property of state's richest MLA candidate

In baffling claims, BJP’s Mohit Kamboj, who had declared assets of over Rs 350 crore during the Assembly polls, says that while the property belongs to him, the R68-crore loan was taken by a company he has nothing to do with, which owns the land on paper; Kamboj says he was a mere guarantor for the loan

Mohit Kamboj was the richest candidate during the Maharashtra Assembly elections held in October 2014 and had declared assets of over Rs 350 crore to the Election Commission. Last week, however, a bank took possession of property belonging to him for non-repayment of a loan of a (relatively) mere Rs 68.01 crore.

Mohit Kamboj
Mohit Kamboj

Kamboj, who was the BJP candidate from Dindoshi and had lost to Sunil Prabhu of the Shiv Sena, is the president of BJP’s Uttar Bhartiya Morcha. The Bank of India has taken possession of two land parcels belonging to him in Anjuna Village, Bardez, Goa, which have a combined area of 7,650 square metres and had been earmarked for a five-star hotel. The BJP leader, however, claims he is a mere guarantor for the loan.

Taking possession
The Mid Corporate Branch of the Bank of India, located in South Mumbai, has issued a public notice against Kamboj, two companies — Avyaan Properties Private Limited (formerly known as KBJ Hotel Goa Private Limited) and Avyaan Overseas Private Limited — and one Jitendra Kapoor. On paper, the property whose possession has been taken by the bank is in the name of Avyaan Properties Private Limited.

A notice to this effect was issued on August 5, 2015. It said that a demand notice was issued to the borrowers and guarantor on April 25, but physical possession of the property was taken by the bank because the loan had not been repaid.

The notice further warns the general public that no one should deal with the properties in Bardez, Goa, belonging to Avyaan Properties Private Limited, of which the bank has taken possession. The properties consist of two land parcels, one of which has an area of 1,650 sq m and the other is spread over 6,000 sq m.

According to a senior bank official from the branch, which is located in Fort, the loan is from the 2013-14 financial year. “The bank is acting as per the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act 2002. If the borrowers and guarantors fail to repay the loan, we will follow the rules, which also enable us to auction the property to recover the loan amount,” said the bank official.

The bank official claimed that Kamboj is the guarantor for the loan amount, something that was confirmed by the BJP leader as well.

Baffling claims
When mid-day spoke to Kamboj, he made some baffling claims. He said that the land parcels, which belong to him, are in the name of Avyaan Properties Private Limited, but he has nothing to do with the company. He said the company, whose name, incidentally matches that of his son, had taken the loan and he had merely stood guarantor. “The property, which is currently valued at Rs 100 crore, belongs to me. The loan, however, was not taken by me. It was taken by a company of which I am not a director or promoter. I was a guarantor for the loan.” Kamboj’s son is named Avyaan, but the BJP leader claims the company is not named after his son. He said Avyaan is a common name and he has got nothing to do with the company. He added that the loan amount - Rs 68 crore - was too little to complete construction of the hotel, and claimed that the whole amount had not even been released.

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1 Comments

  • Abhinav Shrivastav26-Nov-2015

    Such politicians should not be allowed to contest. This seems like a fit case of a wilful defaulter.

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