Latest News

5 people arrested for doing Rs 1.5 crore home loan fraud in SBI


➡️ Click here to join our Whatsapp Group

Five individuals have been charged with deceiving the State Bank of India (SBI) by obtaining a fraudulent home loan of Rs1.5 crore using fake documents and unlawfully dividing the substantial amount among themselves. The accused have been identified as Vasant Patankar, Manjit Kaur, Piyush Shah, Raghvendra Pujari, and Urvil Shah.

Patankar, a businessman based in Bhiwandi, took the loan, claiming he intended to purchase a flat owned by Kaur. Piyush, employed by the developer, assisted in obtaining a no-objection certificate (NOC), which was submitted to the bank.

According to the case filed at the MHB police station, Patankar applied for a loan at the SBI’s Borivali West branch to acquire Kaur’s flat in the Horizon Heights building in Andheri. After completing the necessary procedures and conducting a site visit, the bank issued a cheque in Kaur’s name on February 28. Patankar paid EMIs totaling up to Rs1,26,500, after which he ceased repayment.

Subsequently, the bank declared the loan a non-performing asset, and officials visited Patankar’s Bhiwandi office, which was found closed. It was revealed that the businessman had not paid rent for several months. Upon visiting Patankar’s other residence, officials discovered he had sold it.

Finally, they approached Kaur at Horizon Heights, who confessed to the conspiracy, admitting that they colluded to divert the funds for purposes other than the intended flat purchase. Kaur revealed that she joined the plan because she needed Rs.10 lakh, and in reality, her flat was not sold to Patankar.

Upon inquiry into the issuance of the NOC, bank officials discovered Piyush’s involvement in the scheme. The puzzle was solved when the society registrar denied recognizing Kaur as the flat owner, revealing that the accused forged documents and presented another woman during registration instead of Kaur.

On December 15, a case was filed against all of them under relevant sections of the Indian Penal Code, including cheating and forgery.

Leave a Reply

Your email address will not be published. Required fields are marked *