20000113

1200 HBFC defaulters

disappear in Nawabshah

NAWABSHAH: A big racket has been unearthed whereby some 1,200 persons who obtained loans amounting to Rs 160 million from House Building Finance Corporation (HBFC), Nawabshah have disappeared.

Details regarding the scam, revealed that no less than 1,200 individuals showing themselves as residents of city's different colonies like Waheedabad Colony, Taj Azam Kamala Colony, Taj Colony besides various localities, obtained loans worth Rs 160 in collusion with the HBFC staff during the period from 1984 to 1990.

To fulfil the formality, for obtaining loans, the national identity cards in the name and addresses of these persons, (who actually were not even the residents of Nawabshah), were got issued from Nawabshah Registration Office with the help of agents.

The HBFC racketeers used the loan amount, thus obtained, for purchase of plots in colonies in the city's outskirts and after constructing very low cost, sub-standard houses they got the remaining loan instalments released from HBFC and pocketed the same.

Since the fake holders of these national cards were not the residents of Nawabshah, the HBFC notices issued for recovery of loan amount remained unserved and therefore, the loan too remained unrecovered.

The HBFC committee serious irregularities in the grant of loans and released the sanctioned amount for houses, construction of which were yet to be started. According to HBFC rules the 35 percent of its loan instalments were to be released at plinth level, another 35 percent at roof level and remaining 30 percent on completion of finishing work.

According to sources, there was no existence of people served with notices by HBFC who were given loans for houses in Model Colony, Daur in Nawabshah district.

Interestingly, besides this loan amount of Rs 160 million, the recoverable loans in various parts of Sindh amounts to Rs 500 million and instead of making strenuous efforts for their recovery, the material has been put into cold storage.

The market value of the plots purchased in different colonies is stated to be much higher than the amount of loan sanctioned. The people in possession of these plots are ready to pay the amount if these plots are put on open auction. However, HBFC sources maintain that this is not possible because of legal complications and, therefore, no way out for recovery of this drowned amount.

Under existent situation the HBFC finds it difficult approving fresh loans.ÑAPP