Amraiz Khan
Lahore
FIA has started inquiry against two accused allegedly involved in availing loan from MCB bank cheatfuly worth Rs. 172 million.
Muhammad Arshad and Muhammad Amjad directors of M/S Eden Developers Eden Tower, Main Boulevard Gulberg III Lahore availed a loan of Rs. 150 millions by mortgaging their properties measuring 153 kanals and 17 marlas having assess value of Rs. 537.85 millions located at Mauza Sehjpal, Malikpur and Jughian Alpha Tehsil Cantt district Lahore from NIB (Now MCB bank) in year 2008 but failed to discharge their liabilities.
Earlier Eden developers and Directors entered into a settlement with NIB Bank Limited for making payments in terms of a settlement agreement dated 25 January 2016, which settlement was recorded by the LHC in the said recovery suit and a consent decree was passed on 25 January 2016.
However, Eden Developers and its directors failed to make repayment seven in terms of the said settlement agreement, therefore the execution of the consent decree dated 25 January 2016 was initiated by Ex-NIB bank limited against them on 10-03-17 which is still pending before LHC for realization of an amount of Rs. 63.75 million along with cost of funds. Since the NIB bank Ltd amalgamated into MCB bank Ltd on 8-7 2017 the said execution proceedings are being pursued by MCB Bank Ltd. as the decree holder bank.
In compliance with the orders of LHC in the said execution a valuation report regarding the value of the mortgaged properties of Eden developers was placed on record by one Harvester Services Pvt Ltd. 9the valuator0 the said valuation report shockingly revealed to MB bank that Eden developers and its directors have changed the entire nature of the mortgaged properties by converting the said mortgaged land into the housing scheme by the name of Eden city without seeking any permission from the bank. itwas further re3bvelaed that Eden developers and its directors have been selling the collateralized assets mortgaged land to the general public on transfer letters and allowing them to build houses on the said mortgaged properties without permission of the bank in order to frustrate the said security.
Moreover Eden developers and its directors have themselves categorically admitted this fact by filing the application number 3/2017 in the said execution number 13/2017 pending before the LHC that they unlawfully have totally changed the nature of the mortgaged property and without any authorization from the bank have divided the mortgaged land into plots claiming them to be a housing society by the name of Eden city.
It has also be admitted by Eden developers in the said application that they have been selling out the mortgaged property and plots to the general public without disclosing them that these are the properties mortgaged with the bank and they have no permission from bank to sell the said mortgaged properties and give their possession to the general public.
MCB filed a suit No-50/14 for recovery of Rs. 172422420.96 in Lahore High Court and a consent decree was filed again failed to make repayments according of the agreement suit No-13/17 for execution of above said decree was filed again by the bank of realization of remaining amount of Rs. 63.75 million.
Statement of complainant has been recorded and record from the concern bank has been collected three notices were issued to the alleged persons on their given official addresses but all the notices retuned back.
Second notice to the alleged persons has been issued at the residential address but so far none of the alleged persons has appeared before the Enquiry Officer. Nor any counsel on behalf of the alleged persons appeared before the investigators.
