The Economic Offence Wing (EOW) of the Mumbai crime branch has arrested one out of the three people involved in cheating a real estate company Housing Development and Infrastructure Limited (HDIL) to the tune of Rs 55 lakh by promising them a loan of Rs 1,000 crore. According to the police, all three accused, Khalique Ahmed, Deepak Banga and Devendra Gailad, presented themselves to top HDIL officials as directors and officials of Finance India Limited (FIL).

Money talk
According to the three accused, they had a balance of 100 billion euros in their State Bank of India (SBI) accounts and had dispersed various loans running into crores to several parties. “AS HDIL was in need of a loan of Rs 1,000 crore, they were asked to deposit Rs 55 lakh into the accounts of the company as procession, mortgage and several other charges,” said a police officer from EOW.