Mumbai EOW Freezes Demat Accounts Of IPS Officer Rashmi Karandikar’s Husband Purushottam Chavan In ₹24.74 Crore Affordable Housing Scam

Mumbai: In a major development in the ongoing investigation into the affordable housing scam, the Economic Offences Wing (EOW) of the Mumbai Police has uncovered that arrested accused Purushottam Chavan—husband of IPS officer Rashmi Karandikar—transferred ₹21.34 crore of the defrauded ₹24.74 crore into demat accounts held by him and his mother, Urmila Chavan.

According to EOW sources, both demat accounts are held with Motilal Oswal Financial Services Ltd under separate names—one in Chavan’s name and the other in his mother’s. The funds, collected from victims under the pretense of securing flats through government quota at discounted prices, were initially deposited into accounts with two private banks. From there, ₹21.34 crore was routed into the two demat accounts.

Following this financial trail, EOW officials sent a letter to Motilal Oswal on June 25, 2025, requesting the freezing of both demat accounts. The accounts have since been frozen, and further investigation into the money trail is underway.

The investigation has revealed that from February 1, 2018, to October 31, 2022, Chavan transferred ₹4.5 crore into his own bank account. Additionally, between November 28, 2017, and July 8, 2023, another ₹16.58 crore was funneled into the same account. From December 11, 2017, to February 21, 2022, Chavan moved ₹2.08 crore, and from July 6, 2023, to 2024, ₹2.63 crore was transferred to his mother's account.

Based on these findings, the financial services firm froze both accounts (debit and credit) on June 26, 2025, as per the EOW’s directive. Further investigation is ongoing.