Mumbai: Rs 2.72 Crore Home Loan Fraud Unearthed, Case Registered Against Six

A serious case of home loan fraud amounting to ₹2.72 crore has come to light involving a leading private sector bank, where loans were allegedly obtained using fake employment details, forged salary certificates and fabricated bank transactions. Acting on a complaint, the Pant Nagar Police have registered a case against six accused and initiated an investigation.

The accused have been identified as Sandeep Yadav, Baika Pandurang Bagadi, Deepak Pawar, Rekha Jadhav, Aman Sharma and a builder identified as Versatile Valley.

According to police, the complaint was filed by Joseph David Nadar, Regional Head (Sales) of the Home Loan Department of ICICI Bank. As per the complaint, between January 2020 and November 2022, the bank’s Ghatkopar East branch sanctioned home loans worth ₹2.79 crore to five customers. While one borrower repaid the loan in full, the remaining four defaulted, causing substantial financial loss to the bank.

An internal inquiry by the bank revealed that Sandeep Yadav had projected himself as the proprietor of various companies and falsely shown the four borrowers as employees of his firms. Further investigation found that the companies mentioned in the loan documents were either non-functional or had been shut down. One of the borrowers, Rekha Vijay Jadhav, has since passed away.

The probe also revealed that prior to loan approvals, amounts were deposited into the borrowers’ bank accounts as purported salary payments, which were transferred to other accounts on the same day or shortly thereafter to create an illusion of regular employment. Similarly, token amounts paid for flat bookings were routed back to the developers’ accounts through circular transactions to make the deals appear genuine.

The four borrowers had purchased flats in residential projects located in Thane and Dombivli, for which loans totalling ₹2.72 crore were availed. Subsequently, the bank initiated legal proceedings and has taken possession of all the properties involved.

Pant Nagar Police have registered the case under relevant sections pertaining to cheating, forgery and criminal conspiracy. Officials said bank documents, KYC papers, transaction details and the role of the developer are being closely examined. Preliminary investigation suggests the involvement of an organised financial fraud racket. Further investigation is underway.