Bengaluru developer, borrowers accused of cheating banks of crores

A Bengaluru-based real estate developer is accused of cheating banks of crores of rupees by selling flats to 12 fictitious buyers in the Pristine Vara project on Infantry Road. The developer allegedly facilitated housing loans through a builder-banker-borrower-broker nexus. Separately, the SBI’s RACPC, Banaswadi branch, filed a complaint alleging a borrower and a company director cheated the bank of Rs 4.88 crore. Another complaint filed with the Shankarpura police alleged the real estate firm cheated the bank of Rs 5.55 crore.