India, Sept. 17 -- A Chembur-based developer has been charged with cheating a bank of Rs.16.49 crore. Police said the builder had taken a loan of Rs.20 crore from Axis Bank by mortgaging 18 flats and a commercial property, but stopped repaying the loan and even sold the mortgaged flats.

According to officers of the Economic Offences Wing (EOW) of the Mumbai police, the case was registered at the Chembur police station against Paras Dedhia, a resident of Lower Parel who runs Yash Signature Projects and Yash Builders Construction, building a project in Deonar.

In 2015, Dedhia had taken a loan of Rs.15 crore from a non-banking finance company, IIFL, to complete the project. He had mortgaged 18 flats and an office to secure the loan. That s...