Panaji, Jul 24 (TOI): Generation Next for Goa on Thursday accused industries minister Mahadev Naik of committing a major fraud by taking a government loan of 30 lakh for housing but then utilizing it for buying commercial property in Ponda.

Gen Next also demanded that chief minister Laxmikant Parsekar sack Naik from the cabinet latest by Saturday, failing which Gen Next will launch its next course of action. Briefing mediapersons, Durgadas Kamat of Gen Next alleged that this is a case of cheating under Section 420 of the Indian penal code and demanded that Goa legislative speaker Rajendra Arlekar file a complaint against Naik at the Porvorim police station.

Kamat said Naik availed of the loan in 2011, which he was eligible for as member of the Goa legislative assembly. While Naik availed of the loan by showing a builder's offer letter for a flat, he utilized the money to buy five shops at Ponda. He also leased out the shops to a cooperative bank from which he now earns rent of about 1 lakh per month, Kamat alleged. He also claimed that in the loan application documents, Naik showed the flat he was about to buy as B604 but the sale deed for that flat shows the builder has sold it somebody else because Naik later opted to buy the shops. Naik did not respond to telephone calls or to text messages.