Kandivali Police have arrested two trustees of the Esplanade Education Society for allegedly misappropriating about ₹2.5 crore after availing a bank loan using forged documents. The arrested accused have been identified as Jayesh Majithia and Kirti Vairi.
According to police, the duo submitted bogus property documents of a school land given on lease and forged the signatures of the trust’s president and secretary to secure a loan of ₹4.5 crore from a private bank. Out of this, they allegedly siphoned off nearly ₹2.5 crore for personal use, thereby cheating both the trust and the bank.
The matter came to light when businessman Mustafa Gom, secretary of Anjuman-e-Nazmi Dawoodi Trust in Kandivali, received a letter from the bank in April 2025 regarding loan repayment. On verification, it was found that the NOC submitted to the bank was on a decade-old letterhead with forged signatures of the trust’s office-bearers. Further probe revealed that the school premises leased to Esplanade Education Society around 30 years ago had been fraudulently mortgaged to obtain the loan.
Following Gom’s complaint, Kandivali Police registered an FIR against Majithia and Vairi. Both accused had earlier applied for anticipatory bail before the special sessions court in Dindoshi, but their plea was rejected. Subsequently, they were arrested and produced before the court, which remanded them in five-day police custody.
Police are now investigating when and where the forged documents were prepared, whether others were involved in the fraud, and how the siphoned funds were utilised or invested.