Lokmat News Network
Chhatrapati Sambhajinagar
A prominent cotton trader from the city has alleged that two of his long-trusted brokers took advantage of his illness and fraudulently transferred ownership of two companies worth Rs 31.81 crore into their names using fake signatures and forged documents.
MIDC Cidco police have registered a case against seven individuals, including brokers, company executives, and a bank official, following a complaint lodged by Gopal Agrawal, a resident of API Corner, Chikalthana, on July 26. The accused include brokers Raju Rathod and Sanjay Phoke (both residents of Millennium Park, Chikalthana MIDC), company officers Somnath Biswas (Ghorpadi, Pune), Shivprakash Nair (Kalyani Nagar, Pune), Mansoor Dalal (Pune), other company staff, and the manager of Cosmos Bank located in N-5, Cidco. According to the complaint filed by Gopal Agrawal (resident of API Corner, Chikalthana), who is a national-level cotton trader, the accused brokers had long-standing ties with him. Phoke was his agent for over two decades, handling cotton and land deals. In 2018–19, Phoke introduced Rathod, and the duo soon became business partners, even co-founding a firm Ramanuj Ventures. In September 2020, the accused were introduced to Marathwada Realtors Pvt Ltd and Almet Corporation Ltd, two subsidiary companies of Pune-based Vascon Engineers Ltd. The companies held along with attached immovable properties in Chikalthana MIDC that were up for sale. In October 2020, Agrawal, Phoke, and Rathod visited Vascon's Pune office and met directors Vasudevan Murthy, his son Siddharth Murthy, and other officials. A deal worth ₹30.81 crore was finalized with Vascon. Almet was to be acquired through Siddhi Fibers, Agrawal’s firm, and Marathwada Realtors via Ramanuj Ventures split as 50% for Agrawal and 25% each for Rathod and Phoke. Agrawal paid through RTGS Rs 4 crore to MIDC for converting the industrial plots to commercial use, and Rs 13.39 crore was paid to Vascon by Ramanuj Ventures. He also bore the cost of acquiring Almet Corporation. Meanwhile, Rathod and Phoke allegedly developed Marathwada Realtors’ 16,760 sq. m. land into 47 plots and sold them to buyers, collecting Rs 12.45 crore, without Agrawal’s knowledge.
Dengue struck, and the plan was set in motion
In March 2025, while Agrawal was down with dengue and undergoing treatment in Mumbai, the accused allegedly transferred full ownership of both companies to their own names. The transfer of Marathwada Realtors was executed on March 28, and Almet Corporation on March 31, allegedly with help from Vascon officials and forged signatures. The complaint states a total loss of Rs 31.81 crore, including land value and profits from plot sales. Senior police inspector Sambhaji Pawar from the crime branch is leading the investigation.