Ex-HUDCO chief gets 1 year RI for fraud

A CBI court here on Tuesday convicted the former regional chief of the Housing and Urban Development Corporation (HUDCO) for cheating HUDCO.

Published: 31st July 2013 08:21 AM  |   Last Updated: 31st July 2013 08:21 AM   |  A+A-

A CBI court here on Tuesday convicted the former regional chief of the Housing and Urban Development Corporation (HUDCO) for cheating HUDCO.

In a case filed by the Anti-Corruption Bureau of the CBI in 2003, the official, V Arul Kumar, was accused of entering into a criminal conspiracy with Navratan Lunawat, MD of Arihant Foundation and Housing Limited, Chennai, between 1997-2003, when he sanctioned a loan of `17 crore to the latter illegally. The loan was obtained for the construction of an apartment block near Koyambedu, Arihant Majestic Towers.

However, despite a default in repayment even after the sale of flats by the loanee, Arul Kumar failed to file a case in Debts Recovery Tribunal.  He was sentenced to one-year rigorous imprisonment and slapped a fine of `2000.

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