Police arrested Surendra Godar, director of Godar Engineering Consultancy and engineer Saroj Palikhe, after it was revealed that the duo had prepared valuation report for land that never existed. Sagar Parajuli, a field staff of Godar Engineering Consultancy, however, is absconding. [break]
Rastriya Banijya Bank´s Prithivi Chowk branch had filed a complaint at the district administration, stating that it faced huge loss due to wrong property valuation by Godar Engineering Consultancy - a listed property valuator of the bank.
Kaski District Court has remanded the duo for further investigation.
Paudel is in police custody on the charge of swindling some Rs 70 millions from nine banks and financial institutions in Pokhara by producing fake ownership certificates of lands already pledged as collaterals with other banks.
“We will also start investigations against property valuators of other victimized banks,” SP Yadav Raj Khanal, chief of District Police Office, Kaski, said.
RBB´s Prithvi Chowk branch had issued loan worth Rs 2.5 million to Santosha Motors promoted by Paudel against collaterals of two land plots at Chinnedanda in Pokhara-6. Godar Engineering Consultancy had valuated the land plots at Rs 5.5 millions. Bank officials later found that the plots never existed.
Keshav Pradhan of RBB said they found the plots pledged as collateral by Paudel already frozen by Garima Development Bank. Poudel had secured clearance of the plot through forgery and divided it into three plots - two of which were pledged as collateral with RBB.
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