Mumbai: Talwalkar Gym Directors Booked for Defrauding Co-operative Bank of Rs 1.86 Crore

The Goregaon police have registered a case of fraud against the directors of the well-known fitness chain, Talwalkar Gymnasium, for allegedly selling mortgaged properties without the bank's consent and causing a financial loss of Rs 1.86 crore to Deccan Merchant Co-operative Bank.

As per the FIR filed on May 22, the accused — a couple named Rahul and Sonali Talwalkar — had availed a loan of Rs 7 crore from the bank on May 20, 2014, for their businesses Talwalkar Gymnasium and Talwalkar Fitness Solutions Private Limited. In return, they had mortgaged three flats (two in Goregaon West and one in Dadar West), along with gym equipment.

According to Kishore Gholba (54), the bank’s Pune-based general manager who lodged the complaint, he reviewed the bank’s list of defaulted accounts after taking charge in 2022 and found that the Talwalkars had not repaid the loan. When contacted, Rahul Talwalkar reportedly cited financial difficulties.

In 2017, the bank began the auction process for the mortgaged properties. However, during the auction process, a prospective buyer of one of the Goregaon flats, Sachin Mahansaria, informed the bank that the property had already been sold in 2015 — two years before the auction — to Samir and Anushka Khatri. This revelation raised suspicions of foul play.

Subsequent investigations further revealed that the gym equipment, which was also pledged as collateral, had been sold without informing the bank. Although the bank managed to recover part of the loan amount through the auction of remaining assets, a substantial amount still remains unpaid.

The situation escalated when the couple allegedly attempted to sell yet another mortgaged flat, prompting Gholba to approach the police. Based on his complaint, the police have booked Rahul and Sonali Talwalkar under IPC Sections 420 (cheating), 406 (criminal breach of trust), and 34 (common intention). Further investigation is underway.