Thane Economic Offences Wing (EOW) has booked four developers, two private companies, 26 borrowers and a loan sanction mediator for defrauding Cosmos Bank in Kalyan to the tune of Rs. 6.30 crore.
The fraud came to light on Monday when a senior bank official discovered forged documents used to secure loans.
The directors of private companies Korvi Agro and Crux Risk allegedly forged documents to secure loans for 26 borrowers from Cosmos Bank. The loan sanction case dates back to July 2021.
Senior Police Inspector Sarjerao Patil from Khadakpada police station said, “Sharad Bhikaji Bedade, a senior officer of Cosmos Bank, filed a complaint on October 10 after he realised that the bank was being cheated. As the bank is in Kalyan and all the accused are from Vasai, Nalasopara and Virar, the case was transferred to EOW, Thane.”
Assistant Police Inspector (EOW, Thane) Vidya Patil said, “Loan sanction mediator Umesh Bhaip, directors of Korvi Agro and Crux Risk Management, other borrowers and four developers – Siddhivinayak Developers, Sairaj Builder, Sai Srishti Builder and Sanskriti Builders – came together with the intention of cheating the bank.”
Mr Patil said Mr Bhaip took initiative to complete the loan approval process. After raising the prices of 26 borrowers’ houses from the then pre-estimated rate, the fake sale deed of resale of old flats was made by the developers. Later, the borrowers stopped paying the installments.
Deputy Commissioner of Police (EOW) said, “We have registered a case under sections 406 (criminal breach of trust), 420 (cheating) of the Indian Penal Code and are investigating the matter further.”
