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Adarsh inquiry: Another Sancheti kin took a loan from MP’s firm to buy flat

Bora says San Finance Corporation loaned him Rs 60 lakh without formalities as he could not afford the apartment with his salary of Rs 26,000 per month.

mumbai Updated: Aug 15, 2012 01:18 IST
HT Correspondent
HT Correspondent
Hindustan Times

Bhartiya Janata Party MP Ajay Sancheti’s connections with the Adarsh society continue to unravel. His relative Rajesh Bora, a flat-holder in the society, told the two-member inquiry commission on Tuesday that the purchase was funded by a firm in which Sancheti is a partner. He also said that the loan was granted informally — it is not in writing, there is no collateral, and the interest rate has not yet been decided.

Bora, 35, who hails from Raipur in Chhatisgarh and works in an insurance company, confessed in his deposition that he did not have the financial resources to buy the flat. He claimed that he obtained the entire cost of the flat — Rs 60 lakh — from Sancheti’s San Finance Corporation as a loan. “My monthly salary is around Rs26,000. I did not have the resources to purchase a flat in Adarsh cooperative housing society. I did not apply for loan from any bank. San Finance credited the loan amount to my account, and I transferred it to the society’s account,” said Bora.

Bora is the maternal uncle of Paramveer Sancheti, who is also a society member and nephew of Ajay Sancheti — a Rajya Sabha member who is close aide of BJP national president Nitin Gadkari. Bora also asked for a flat adjoining Paramveer’s in the Adarsh building.

However, there was no collateral given by Bora for the loan. “There was nothing in writing to show that the said amount was taken as a loan. I have not mortgaged my flat to San Finance. The rate of interest has not been decided. I have not made any repayment of the loan amount,” Bora told the panel.

San Finance is said to have financed 10 flats in the scam-hit building, which rose to infamy when it was allegedly found that a nexus of politicians, bureaucrats and army officials colluded to grab apartments in it.

First Published: Aug 15, 2012 01:17 IST