Rs.24 Lakh Loan Scam: Senior Citizen Cheated of Rs.24 Lakh, Bank Officials Booked

The Powai police have registered a case against senior officials of Bharat Co-operative Bank and a private individual for allegedly cheating a 61-year-old woman and fraudulently transferring a loan amount of ₹24 lakh that was approved in her name.

According to the police, the people involved in the scam include Vidyanand Karkera (Managing Director and CEO of the bank), Dinesh Salian (Joint Managing Director), Sandhya Kotian (former Branch Manager at Mulund West), and Naveen Shetty, a private agent.

The victim, Subhlaxmi Shetty, is a homemaker from Powai, Mumbai. She lost her husband to cancer in 2012. Her husband had been running two hospitals — one in Bhandup West and the other in Mulund West. After his death, Subhlaxmi rented out the Bhandup hospital and started managing the Mulund facility herself.

In 2019, Subhlaxmi was trying to arrange funds for her son’s higher education in the medical field. A relative introduced her to Naveen Shetty, claiming he had contacts in banks and could help with loan processing. After meeting him, Shetty managed to get an education loan of ₹87.30 lakh from Axis Bank. From this loan, she transferred ₹40 lakh to Bharat Co-operative Bank’s Bhandup West branch.

Later, as she needed more money for her son’s studies, Naveen suggested that Bharat Co-operative Bank could give her a loan if she made a fixed deposit of ₹40 lakh. Trusting him, she agreed. Naveen then took her to the Mulund West branch, where they met bank manager Sandhya Kotian. According to Shetty, the manager asked her to sign several documents, claiming it was part of the loan process.

Subhlaxmi made a fixed deposit of ₹40 lakh, after which Kotian and Naveen asked her to sign a blank withdrawal slip. A few days later, she received a message that ₹24 lakh had been credited to her account — but to her shock, the amount was immediately transferred to Naveen Shetty’s account, without her permission.

When she questioned this, Kotian reportedly assured her that the money would be returned soon. But instead of taking action, the manager kept giving excuses. Naveen also started avoiding her. During the Covid period, Kotian was transferred to another branch, and Subhlaxmi said that she repeatedly wrote letters to various senior officials and directors of the bank requesting help and asking them to return her money.

Despite several follow-ups, she received no proper response. Frustrated and feeling helpless, Subhlaxmi finally decided to approach the police. After conducting a preliminary investigation, the Powai police registered an FIR on June 14.

The case has been filed under charges of cheating, criminal conspiracy, and dishonest misappropriation of property. The police are now investigating how the loan amount was fraudulently transferred and whether more people were involved in this scam.