Excelsior Correspondent
JAMMU, Nov 21: Two prominent businessmen of the City, who were arrested by the Crime Branch on Saturday, remained in the custody of investigating agency for allegedly duping another businessmen of Rs 13 crore by selling him land, which had already been mortgaged to the bank.
Shailander Gulati and Sandeep Gulati (brothers), owners of National Garage Motors were arrested by Crime Branch after lodging a case against them under Sections 420 and 120-B of RPC.
According to sources, businessman, Navneet Mahajan had made payment of Rs 13 crore in advance to the Gulati brothers for purchasing the land at total cost of Rs 26 crore. Rest of the payment was to be made
The deal was finalized in the year 2015 and Rs 26 crore was fixed for 26 kanals of land at Kunjwani, while Rs 13 crore was received by the accused from the victim businessman namely Navneet Mahajan in advance.
Navneet later came to know that the land he was buying from Gulatis was already mortgaged with the Syndicate Bank.
Sources further said that the victim approached the bank from where he came to know that Gulati brothers had taken a loan of Rs 26 crore against the land at Kunjwani and failed to repay it.
Realizing that he was duped, the victim businessman approached the Gulati brothers and demanded his money back but they didn’t entertain him.
Meanwhile, the Chief Judicial Magistrate, Jammu Ashwani Kumar has reserved the bail application filed by Gulati brothers.
In view of this, Gulati brothers remained in custody of the Crime Branch.
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