Mumbai: Marathi poet takes car loans from four banks for house, held

Representational picture

The Sion police have arrested a Marathi poet, who, on the pretext of buying a car, took loans from four banks two years ago to actually buy a house with that money. Having a meagre income and no permanent place to stay, Sunil Pawar (52) decided to do this after getting the idea from a friend, who helped him to rope in a car agent for instructions on how to process documents.

Dreaming of a home
Pawar lives in a rented flat in Pratiksha Nagar, Sion. On his friend's suggestion, he took loans of R5 lakh from each of the four banks in the name of a Navi Mumbai-based four-wheeler dealer.

Also read: Two held for Rs 53-lakh bank loan fraud

After getting loans, Pawar started juggling with the EMI and sold the car that he had bought. "Pawar would pay the EMI of one bank in two-three months; when a bank where his EMI would be pending would approach him, he would convince the official by assuring payment in a month," said a police officer. "Some bank agents had also asked him to show the car he'd bought, but every time, he would give vague answers."

Also read: Woman held for gold loan fraud admits to more

The fraud came to light when the manager of one of the banks did some research on Pawar and found out that he had taken loans from three other banks.

In custody
The police, who arrested Pawar from his residence, have booked him for forgery.

The police are on the lookout for the car agent, Pawar's friend and proprietor of the four-wheeler showroom.