Developer dupes Axis Bank of ₹16.49cr, goes on run

Business Sep 17, 2025

Mumbai developer Paras Dedhia is facing serious trouble after being accused of cheating Axis Bank out of ₹16.49 crore.
In 2015, he took a ₹20 crore loan by mortgaging 18 flats and a commercial property, but stopped repaying in 2018—turning the loan into a non-performing asset.

Dedhia's double loan game

Dedhia allegedly broke his agreement by secretly selling off the mortgaged properties without the bank's OK.
Turns out, he'd also taken an earlier loan from another lender using the same assets, but the Axis Bank loan was intended to clear the IIFL dues.
When Axis Bank tried to recover its money, they discovered these unauthorized sales—prompting a police investigation and an FIR over the missing crores.