Mumbai Fraud News: Bandra Flat Owner’s Identity Forged; ₹11.35 Crore Bank Loan Secured Using Fake Documents

Mumbai: A major case of property fraud has come to light in Bandra, where a flat owner’s identity was allegedly forged to sell his property fraudulently and obtain a loan of ₹11.35 crore from a bank. Following a preliminary inquiry, the Economic Offences Wing (EOW) has registered an FIR at the Bandra Police Station.

Owner Discovers Fraud During Society Verification

According to the complaint filed at Bandra Police Station, Alpesh Narpatchand Jain (44), a steel trader residing in Girgaon, discovered that his luxury flat at Iconic Tower, Bandra West legitimately purchased by him in May 2023 for ₹6.25 crore had been sold off using forged documents.

Jain stated that the fraud came to light when his housing society initiated a due diligence check to ensure no flats were sold multiple times. During this process, he learned that an unknown person posing as him under the same name “Alpesh Narpatchand Jain” had executed a fake sale deed on December 13, 2024, transferring ownership to one Sandeep Babulal Gada.

Forged Power of Attorney and Fake IDs Used

Investigations revealed that the impersonator also executed a fraudulent Power of Attorney (PoA) on December 11, 2024, through Rahulkumar Dineshkumar Maheriya, using forged Aadhaar and PAN cards in Jain’s name. Jain clarified that he neither knows Maheriya nor Gada and that he was in Indonesia on the date the PoA was registered.

Property Used as Collateral for ₹11.35 Crore Loan

Further inquiry found that Gada used the flat as collateral to obtain a loan of ₹11.35 crore from Utkarsh Small Finance Bank, Vashi, Navi Mumbai. The loan was issued under the corporate entity M/s Oneup Extrusion Pvt. Ltd., with Gada’s wife Naina Gada and Jaynam Chetan Chawda acting as personal guarantors. Two other firms Oneup Industries Pvt. Ltd. and Oneup Ply Agencies LLP, both owned by Gada provided corporate guarantees for the loan.

The fake sale deed contained a forged photograph and signature of Jain but used genuine copies of his Aadhaar and PAN cards to appear authentic.

Multiple Accused Named in FIR

Bandra Police have registered a case of forgery, cheating, criminal conspiracy, and impersonation against:

The impersonator posing as Alpesh Narpatchand Jain,

Rahulkumar Dineshkumar Maheriya (who registered the fake PoA),

Sandeep Babulal Gada (who purchased the flat using forged papers),

Naina Sandeep Gada,

Jaynam Chetan Chawda,

M/s Oneup Extrusion Pvt. Ltd.,

M/s Oneup Industries Pvt. Ltd., and other unidentified accomplices.

EOW Investigating Multi-Crore Property Scam

According to EOW officials, the accused forged documents between December 11, 2024, and August 29, 2025, to illegally register the flat sale and mortgage it for the multi-crore loan. The Economic Offences Wing is currently investigating the case to trace all individuals involved in the fraudulent transactions and recover the defrauded assets.