Builder and alleged fraudster Ghanshyam Patadiya has recently filed a plea for insolvency in the Ahmedabad Rural Court and admitted to have taken money to the tune of Rs 9.13 crore from 42 people, including buyers and lenders. Earlier in April, the same court had issued a notice to Patadiya for selling one flat in Purshottam Dham to multiple buyers.

In his plea, Patadiya claimed he had borrowed Rs 4.10 lakh from Mahasukh Adani, Rs 1.65 lakh from Dinesh Bharwad and Rs 75 lakh from Ganesh Desai. A few banks have also been mentioned in the application — a sum of Rs 27 lakh has been quoted against ICICI Bank, Rs 80 lakh against Citi Finance, Rs 6 lakh against HDFC Bank and Rs 8 lakh against Kotak Mahindra Bank.

Patadiya has requested the court to declare the case as insolvent under the Bombay Provincial Insolvency Act. The documents show that Patadiaya has quoted himself as ‘helpless’ and hence, cannot pay back the money. He has pleaded to be spared of the alleged mental and physical ‘torture’ by the buyers and creditors. He also claimed that his economic condition is very bad and that he is earning only Rs 5,000 a month through odd jobs. He has no property, cash, or valuables to repay the debt, he claims.

Patadiya had reportedly gone missing in March after which Rajesh Dagbar, who had invested Rs 42 lakh, filed a police complaint followed by three more victims. Dagbar, one of the buyers against whom the plea was addressed to, said: “After my complaint on March 15 and those by others, we moved the court of law. The court issued a notice to Patadiya, and he, in return, accepted all transactions. Here, over 70 buyers are in a fix.”

... contd.