The Chembur police have booked a city-based builder for allegedly duping a private sector bank of Rs 16.49 crore by selling off mortgaged flats behind the lender’s back. Police said that an FIR was registered on Monday night against one Paras Sundarji Dedhiya, proprietor of Yash Builders, based on a complaint filed by the assistant vice-president of the bank’s Nariman Point branch. 

According to the police, Dedhiya allegedly obtained a Rs 20 crore loan in January 2016 from the bank’s Chembur branch for his flagship projects — Yash Signature at Deonar and Yash Heights at Govandi. As security, Dedhiya mortgaged 18 flats and one office unit from Yash Signature, the entire Yash Heights project, and two commercial offices at Masjid Bunder.