Chhatrapati Sambhajinagar
A home loan repayment DD of Rs 9 lakh given by a borrower was misappropriated by a finance company manager. By the time the borrower realized it, the company had already terminated the manager’s employment. The accused has been identified as Bharat Gaikwad, and a case was registered at Satara police station following a complaint by the borrower.
Aminabi Salim Sheikh (49, resident of Shahanagar) filed the complaint. According to her, she purchased a flat in Satara in April 2017 from her nephew, Mohammad Pasha Babu, taking a loan of Rs 14.80 lakh from a home finance company. Her nephew repaid the loan for two years, after which Aminabi paid some installments. During 2021–22, Bharat Gaikwad, the company’s collection manager, pressured her to pay the overdue installments.
In May 2023, Aminabi issued a DD of Rs 9 lakh through her maternal cousin’s bank account, handing it to Gaikwad. However, eight months later, the company resumed recovery notices for unpaid installments, and in June 2024, the flat was sealed. Aminabi repeatedly told the company that she had handed over the Rs 9 lakh DD to Gaikwad. The company then revealed that the DD had never been credited and that Gaikwad had already been terminated. Realizing she had been defrauded, Aminabi lodged a police complaint. Police sub-inspector Nirmala Rakh is investigating further.