After 3 months mid-day reports two directors of Varun industries named Kiran Mehta and Kailash Agarwal fooled 10 banks to the tune of Rs 2,555 crore. Among 10 banks one bank named Indian Bank has decided to put up their flats for auction.

For e-auctioning of the flats 21 July date has been selected by bank’s Asset Recover Management Branch. The coming nominees can certify the properties on 13 July, followed by documents on 14 July. Area of flats for sale is between 722 to 775 square feet each.

While the asset cost will be Rs 15.25 crore a coming nominees is allowed to increase the offer by Rs 10 lakh. The EMD (earnest Money Deposit) by a bidder has been set for each flat is Rs 50 lakh.

Banks’s Fort branch kept flats in the custody. By saying that the flats are for sale, senior officer of Asset Recovery Management said, “We are going through the agreement. We have already sent the notices to the directors. They didn’t respond, we are doing these all to restore our money by selling the property they had kept us as mortgaged.”

According to experts this auction is just like Vijay Mallya’s properties; even these properties may not find any investors, as 4 flats have been emerged into 2. Experts of realty said that cost of 19 Th and 20 Th floor in Vardhman Heights in Byculla, cost at Rs. 15.25 crore.