Mumbai Home Loan Fraud: Family Booked For Cheating IDBI Bank Of ₹2.70 Crore By Selling Mortgaged Navi Mumbai Flat

Mumbai, Jan 31: The Mumbai police have registered a case against three members of a family for allegedly cheating IDBI Bank of Rs 2.70 crore by selling an apartment that was already mortgaged to another financial institution. The case has been registered at the Govandi police station on the complaint of Abhishek Arvind Godbole (42), Deputy General Manager of IDBI Bank.

Loan sanctioned against mortgaged flat

According to the FIR, Godbole is posted at IDBI Bank’s branch near the Sion–Panvel Highway in Deonar. On January 20, 2024, Vijay Raja Hinduja and Payal Raja Hinduja, residents of Kolhapur and engaged in vegetable and fruit trading, applied for a home loan of Rs 2.70 crore.

They submitted property documents of an apartment located at Parsik Hill Road, Belapur, Navi Mumbai, owned by Jagannath Jadhav and Kamal Jadhav.

After verification of documents by the bank’s credit department, the loan was sanctioned, and on February 13, 2024, an amount of Rs 2.65 crore was credited to the account of property owner Jagannath Jadhav at Bharat Co-operative Bank, Bhandup West.

Defaults raise suspicion

The borrowers paid loan instalments regularly until May 2024, after which defaults began. During follow-up visits by the bank’s recovery staff in Belapur and Kolhapur, partial payments were made, but arrears continued.

Earlier mortgage comes to light

In January 2025, during a visit to the Belapur property, bank officials found a possession notice affixed by JM Financial. Subsequent inquiries revealed that the apartment had been mortgaged in 2011 to DHFL (now Piramal Finance) for a loan of Rs 98 lakh. As the loan turned non-performing, the property was taken over and later sold by JM Financial.

Property sold despite existing loan

When bank officials conducted a fresh search of the property records, it emerged that JM Financial had sold the property to Pragya Bidare Shivna on February 3, 2025, despite it being used as collateral for the IDBI Bank loan. The bank concluded that it had been deliberately misled and financially cheated.

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Police register case

Based on the findings, IDBI Bank lodged a complaint against Jagannath Laxman Jadhav (76), his wife Kamal Jadhav (72), and their son Rajendra Jadhav (53), alleging that they sold the already mortgaged property to the Hindujas, resulting in a wrongful loss of Rs 2.70 crore to the bank.

Police have registered a case under Sections 318(4) and 3(5) of the Bharatiya Nyaya Sanhita (BNS) Act, and further investigation is underway.

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