Kerala builder held in cheating case

A prominent builder in Kerala was arrested by the police in Thiruvananthapuram on Friday in a cheating case.

According to police, Abdul Rasheed alias A R Babu, popularly known as Heera Babu, was arrested on the basis of five cheating complaints. He allegedly pledged the original documents of sold-out flats with the bank and availed a loan of Rs.40 lakh. The present owners of the flats approached the police against the builder.

Museum circle inspector Raveendra Kumar said that though Babu, who is managing director of Heera Construction Company, was arrested and remanded, he was shifted to hospital owing to weak health. Apart from Babu, his family members who are directors of the firm were also accused in the case.

The CBI had registered a case against Babu and other directors of Heera Construction Company last year based on a complaint of SBI regarding an Rs. 12.08 crore financial fraud. The case also pertained to selling a property that was provided as collateral security for a loan.