Over 30 Officials Of Federal Bank Descend At This Running Mall And Acquire It Due To Repayment Default

New Delhi: Over 30 officials of Recovery Department of Federal Bank came in and acquired Centro Mall in Thrissur (Kerala) over default in repayment of Rs 8.5 crore.

The Bank said that an NRI Njarakkattu Basheer had taken a loan from the bank for the mall but defaulted on repayment of Rs 8.5 crore. They said that Basheer started collecting the rents from tenants of the mall in cash, thus avoiding bank deposition of the rentals.

This led the bank to take possession of the running mall. The mall has been quite successful in the city and has 29 tenants. The bank invoked the provisions of the SARFAESI Act, 2002 for the acquisition of the real estate asset. 

Federal Bank said that Basheer has also defaulted in repayment of personal loan of Rs 1.5 crore.