Raipur businessman cheated of ₹11.51 crore over mortgaged land, three arrested

Raipur

Saraswati Nagar police have arrested three persons, including the director and promoter of a private firm, for allegedly defrauding a local businessman of ₹11.51 crore. The accused reportedly sold land in Balodabazar that was already mortgaged with a bank.

Vikas Kumar Goyal, director of Sambhav Tubes Private Limited and a resident of Saraswati Nagar, filed a complaint on 16 January stating that he was misled into a land deal by Hi-Tech Abrasives Private Limited.

According to the police, Goyal was approached on 15 October 2025 regarding approximately 22.347 hectares of land located in Nevdha village, Simga Tehsil, Balodabazar. The directors and property brokers involved allegedly assured the victim that the property was free of all encumbrances.

Advance payment of ₹11.51 crore

Following a sales agreement, Sambhav Tubes Private Limited transferred a total of ₹11.51 crore to the account of Hi-Tech Abrasives Private Limited through cheques and RTGS on various dates.

The fraud came to light when Goyal conducted an independent verification of the property. The investigation revealed that the land was already mortgaged to the State Bank of India (SBI) by a sister concern, Global Hi-Tech Industries Limited. Furthermore, the Debt Recovery Tribunal (DRT), Mumbai, had issued an order in 2019 granting the bank authority to recover dues using the same land.

Refusal to refund

The complainant alleged that the accused failed to provide a No Objection Certificate (NOC) from the bank or return the advance payment. A formal legal notice sent on 9 January 2026 also yielded no results.

Raipur police have booked the accused under Sections 318(4), 338, and 336(3) of the Bharatiya Nyaya Sanhita (BNS). While three individuals, including the director and promoter, are in custody, a search is underway for nine other suspects named in the FIR, including Narayan Prasad Tekriwal, Laxmichand Gurwani, and property broker Rohit Kumar Ghritlahare.