Garhwal Post Bureau
Dehradun, 26 Mar: Rajpur Police Station has registered a First Information Report (FIR) against nine officials of Tata Capital, including senior officers, in connection with a loan fraud involving forged documents and signatures. The case centres on land belonging to Minal Vikram Damani, a resident of Mumbai, situated at Salangaon in Purkul, Dehradun.
According to the police, the accused officers allegedly conspired to mortgage Damani’s property by preparing falsified papers and forging her signatures. The fraudulent transaction was carried out without the knowledge or consent of the rightful owner, thereby endangering her legal rights over the land.
The FIR names top officials of Tata Capital along with other staff members, charging them under sections related to cheating, forgery, and criminal conspiracy. Investigators revealed that one of the accused, previously caught impersonating a doctor, had also duped people under the guise of arranging loans, further widening the scope of the inquiry.
Police officials stated that the case highlights serious lapses in financial accountability and raises questions about the company’s internal checks. The investigation is now focused on identifying whether similar fraudulent practices were carried out in other transactions.
Authorities have assured that strict legal action will be taken against those found guilty, while steps are being initiated to safeguard the interests of the landowner. The case has drawn public attention to the growing menace of financial frauds, where unsuspecting citizens are targeted through forged documents and manipulated procedures. The Police Action comes in response to a recent judgement of Debt Recovery Appellate Tribunal (DRAT), Prayagraj.
It may be recalled that in a recent development, the Debt Recovery Appellate Tribunal (DRAT), Prayagraj, delivered a significant judgment against Tata Capital Financial Services Limited (TCFSL) in a case involving allegations of fraud in a land-for-loan transaction. The matter pertains to a plot of land in Purkul area in Dehradun that was mortgaged as collateral for a loan, with serious questions raised over the authenticity of the documents and the procedures followed by the company. The land belongs to Minal Vikram Damani, a Mumbai resident.
In this case, TCFSL has been accused of failing to adhere to the due diligence norms prescribed by the Reserve Bank of India (RBI). According to the FIR registered in connection with the case, company officials admitted before the police that they had not met the actual owner of the property while accepting the documents offered as collateral, a clear violation of RBI’s Know Your Customer (KYC) norms. The company also faced allegations of contempt of court for allegedly proceeding with the sale of the property in contravention of court orders.
During the course of the police investigation, the Uttarakhand State Forensic Science Laboratory examined the signatures appearing on the mortgage documents and concluded that they were forged and did not belong to the legitimate property owner. Investigative findings further revealed that TCFSL and its officials had failed to comply not only with RBI-mandated due diligence requirements but also with their own internal procedures when they accepted the property as security for the loan without verifying the identity of the owner.
The case is linked to a loan extended to Utopia Auto, a Hyundai dealership based in Dehradun. After the loan account turned into a Non-Performing Asset (NPA), TCFSL initiated recovery proceedings against the mortgaged property. However, the complainant contended that the property documents had been submitted without their knowledge or consent and that the company had accepted them without proper verification.
Earlier, in October 2019, the Debt Recovery Tribunal (DRT), Dehradun, had ruled in favour of TCFSL after comparing the complainant’s signatures with photocopies of those on the mortgage documents and finding them to be matching. This led to the dismissal of the complainant’s objections at that stage.
However, in a recent judgment the DRAT overturned the DRT’s decision, placing reliance on the forensic report of the Uttarakhand State Forensic Science Laboratory and other material on record. The appellate tribunal set aside the orders passed by the DRT Dehradun, including TCFSL’s possession notice, sale notice and all consequent actions. The tribunal has further directed the company to return the sale deed as well as possession of the property to the complainant, thereby providing substantial relief in a case marked by serious procedural lapses and allegations of fraud.
Consequent upon the FIR, police action is expected against the top Tata Capital officers.
