CBI investigates housing loan fraud in Chennai

The CBI in Chennai has filed charges against a landlord, a builder, two bank valuers, and two buyers for defrauding the State Bank of India of 5.5 crore. The fraud involved obtaining two housing loans for the same property. Siblings S Vakisan and S Deivanai applied for a loan in 2020, claiming the property was worth 6.3 crore. However, an audit revealed the villa was built in 2016 and had already secured a loan, with its actual value at 3.5 crore. The bank suspected the involvement of landowner Vummidi Kritsh and reported the case to the CBI. Following a court directive, the CBI is now investigating the matter further.