MANAGING DIRECTOR OF A FIRM SENTENCED TO UNDERGO FIVE YEARS IMPRISONMENT WITH A FINE OF RS. SIX LAKH IN A CBI CASE.

Press Release
New Delhi , 11.01.2012

            The Chief Judicial Magistrate, Ernakulam has convicted Shri C.A. Nazar, the Managing Director of M/s Fifa builders Pvt. Ltd. and the Director & promoter of Fifa Towers, Panayapilly, Kochi for the offences punishable U/s 420, 467 and 468 IPC and sentenced him to undergo Simple Imprisonment for 5 years with a total fine of Rs.6 lakh.

            The investigation revealed that Shri C.A. Nazar, the Managing Director of M/s Fifa builders Pvt. Ltd. and the Director & promoter of Fifa Towers, Panayapilly, Kochi during the year 1999 had cheated LIC Housing Finance Ltd., Eranakulam by dishonestly inducing LIC Housing Finance to sanction and disburse housing loans in the names of S/Shri N.M.S. Hussain Afakyh, Abdulla Bafakyh, and A.K. Thaju to the tune of Rs. 9 lakhs, 9.5 lakhs and 9.4 lakhs respectively. The accused C.A. Nazar filed forged applications in the names of above said persons and forged connected valuable documents like Agreements, General Power of Attorney, Tripartite Agreement, Authorisation by the borrower & sworn affidavit etc. Based on the said forged applications and documents submitted by the accused C.A. Nazar, LIC Housing Finance Ltd sanctioned a total amount of Rs. 27.09 lakhs and disbursed the same to the accused.

            The Court found the accused guilty and convicted him.

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