Mumbai: The Dadar police have filed a chargesheet against real estate developer Ramakant Jadhav, director of Karma Infrastructure, for allegedly defrauding Motilal Oswal Finance Limited of Rs4 crore by illegally selling a mortgaged property. His business partner Ketan Patel has been given a clean chit in the case.
Loan of Over ₹158 Crore Taken for Proposed Housing Project Nearly a Decade Ago
According to the police, Jadhav had taken a loan of Rs158.73 crore nearly a decade ago for a proposed housing project named Karma Panchayat, which was disbursed into the company's bank accounts.
As security for the loan, he mortgaged three properties to Motilal Oswal Finance, including a 4.9-hectare land parcel at Shilotar in Shahapur taluka of Thane district, a 37,820 sq m plot at Mohili village in Kalyan taluka, and another property in Palghar district. All original title documents were deposited with the finance company, and a registered deed of guarantee was executed on February 19, 2018.
Fraud Detected After Loan Default and Recovery Proceedings Initiated
The alleged fraud came to light after the borrower defaulted on loan repayments and the finance company initiated recovery proceedings. During verification of property records, it was discovered that the Shilotar land parcel, which had already been mortgaged, was illegally sold on March 26, 2021, to two buyers Subhash Bhaskar Dagkher and Ramnath Karbhari Avhad for Rs58 lakh.
Police said documentary evidence obtained from the sub-registrar’s office confirmed that the sale deeds were formally registered under the Registration Act. However, investigations established that the land had been sold despite being under mortgage with Motilal Oswal Finance.
500-Page Chargesheet Filed, Supplementary Chargesheet Likely
In December 2025, the Dadar police submitted the 500-page chargesheet before the Additional Chief Metropolitan Magistrate, 5th Court, Sewri. The police have also sought permission to file a supplementary chargesheet after the arrest of the absconding accused.
During the investigation, police attempted to serve notices under Section 41(1)(a) of the Criminal Procedure Code at Jadhav’s office and residential addresses in Thane and Dadar. However, the office was found shut, the residence had been demolished, and the accused could not be traced. Further verification by the Naupada police station confirmed that the office had been closed for several months and the residence no longer existed.
Subsequently, Jadhav was declared absconding, and a proclamation under Section 82 of the CrPC and a non-bailable warrant under Section 70 were issued against him. Police said further investigation in the case is ongoing.
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