Mumbai News: Talwalkar Gym Directors Booked For Cheating Deccan Merchant Co-op Bank Of ₹1.86 Crore Over Mortgaged Property Sale

Mumbai: The Goregaon police have registered a case against the directors of a well-known fitness chain Talwalkar Gymnasium, for allegedly cheating Deccan Merchant Co-operative Bank of Rs1.86 crore by selling mortgaged property.

According to the FIR filed on May 22, the couple – Rahul and Sonali Talwalkar – had taken a total loan of Rs7 crore on May 20, 2014, for their businesses – Talwalkar Gymnasium and Talwalkar Fitness Solution Pvt Ltd – by mortgaging three flats (two in Goregaon West and one in Dadar West) along with gym equipment.

The complaint was filed by Kishor Gholba, 54, the bank’s general manager based in Pune. After taking charge in 2022, Gholba reviewed defaulted loan accounts and discovered the Talwalkars had not repaid their dues. When contacted, Rahul cited financial difficulties.

The bank began auctioning the mortgaged assets in 2017. During this process, a prospective buyer for a Goregaon flat learned it had already been sold to Sameer and Anushka Khatri in 2015 – two years before the auction began. This was brought to the bank’s notice by the buyer, Sachin Mahansaria.

Investigations further revealed that the gym equipment pledged as collateral had also been sold without informing the bank. Despite recovering part of the loan through auction of remaining assets, a huge amount is still pending.

The Talwalkars also allegedly attempted to sell another mortgaged flat, prompting Gholba to file a police complaint. A case has been registered under IPC sections 420 (cheating), 406 (criminal breach of trust), and 34 (common intention).