Mumbai: ₹30 Lakh Bank Fraud Unearthed at Mumbai District Central Co-operative Bank

A major case of financial fraud has come to light at the Lalbaug branch of the Mumbai District Central Co-operative Bank (Mumbai Bank), where a couple allegedly cheated the bank of ₹30 lakh by submitting forged documents. Based on a complaint filed by branch manager Balu Chintu Yadav, the Kalachowki Police have registered an FIR against the accused.

The accused have been identified as Sadanand Vishwanath Darekar and his wife Neelima Sadanand Darekar, residents of Worli. According to police, the complaint was lodged by the bank’s manager Balu Chintu Yadav (55).

As per bank officials, in 2014 the Darekar couple applied for a home loan of ₹30 lakh to purchase Flat No. 102 at Om Apartment in Nerul, Navi Mumbai. Following standard procedures, the bank conducted due diligence, including verification of residence and property, valuation of the flat, and obtaining legal opinion. After completion of all formalities, the loan was sanctioned on December 15, 2014, by the bank’s Mahim divisional office.

Subsequently, the flat was mortgaged with the bank, and the original property documents were deposited. Based on this, a pay order of ₹30 lakh was issued in favour of the seller on January 5, 2015. While the borrowers initially repaid a few instalments, they stopped making payments after April 2016, leading the loan account to be classified as a Non-Performing Asset (NPA).

Despite repeated notices, the dues remained unpaid. In 2017, the bank obtained a recovery certificate under Section 101 of the Maharashtra Co-operative Societies Act, 1960. The mortgaged property was seized by the bank in November 2024.

However, during an inspection of the seized flat by bank recovery officials in June 2025, an auction notice issued by The City Co-operative Bank under the SARFAESI Act, 2002, was found pasted on the main door, giving the case a new twist.

Further investigation revealed that the accused had already availed a loan of ₹28.50 lakh from The City Co-operative Bank in 2014 by mortgaging the same flat. Although the documents submitted to both banks appeared identical at first glance, a comparison with certified copies obtained from the Registrar’s office revealed significant discrepancies.

The bank’s internal inquiry confirmed that the accused had submitted forged documents resembling original property papers to the Mumbai District Central Co-operative Bank and fraudulently secured the loan, causing substantial financial loss.

Based on these findings, the Mumbai District Central Co-operative Bank has registered a case of financial cheating and forgery against Sadanand Darekar and Neelima Darekar. Further investigation in the matter is currently underway.