<p>According to FIR, CBI named P Arivalagan, director of Atchaya Royal Infrastructure, as first accused and B Jayachandran, Suryanarayanan, D Santosh, Hitler Natesan, M Vedamurthy, and unknown bank officials as co-accused in case. Based on a complaint by SBI, CBI said the bank gave a loan of ₹2.76 crore to Arivalagan, the NRI, for buying two flats in Aminjikarai in 2018. As he failed to repay, it turned into NPA. CBI said Santosh, a developer, would identify unsold flats and enter into "unholy arrangements" with land owners and approach banks with fake borrowers to get loans that would then be diverted to the owner. Suryanarayanan and B Jayachandran conspired to submit inflated valuation reports for these properties, the agency added.</p>

CBI books 6 in home loan fraud, says developer inflated valuation

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