Mumbai, Feb 21: The Vinoba Bhave Nagar police have registered a case against Bobmallo Enterprises Pvt. Ltd. and its directors, Abhijit Dattatray Waze, 46, and Shreyas Suhas Sawant, 46, for allegedly cheating Nido Home Finance Ltd. of Rs 5.30 crore by selling a mortgaged property without the lender’s consent.
Complaint filed by finance company official
According to the FIR, the complaint was filed by Mohammad Naushad Amjad Alam, 40, Area Collection Manager at Nido Home Finance Ltd., whose office is located at Kohinoor City Mall, Kurla (West).
Loan sanctioned against Chembur property
Police said that in July 2023, Bobmallo Enterprises, operating from Mirake Arena on B.N. Kurawar Marg, Chembur, applied for a loan of Rs 5.30 crore from Nido Home Finance against a bungalow built on Plot No. 12, Pranav Bungalow, Mysore Colony, Mahul Road, Chembur. The property had earlier been purchased in an auction from Union Bank of India.
After due procedure, the finance company issued a loan sanction letter and executed a loan agreement with the firm on July 29, 2023. Since the property had been acquired through a bank auction, the loan amount was disbursed via demand draft in favour of Union Bank of India to complete the transfer process. Following receipt of the payment, the bank transferred the property in the name of Bobmallo Enterprises.
Mortgage agreement and repayment
Subsequently, on February 4, 2024, a deed of mortgage (without possession) was executed between the finance company and Bobmallo Enterprises.
The agreement clearly stated that until the loan was fully repaid and a release deed executed, the property would remain under the lender’s charge and could not be sold without its prior consent.
The company reportedly paid a monthly instalment of Rs 6,02,155 until August 2025. However, irregularities in repayments prompted the finance company to conduct an inquiry.
Property allegedly sold without consent
In October 2025, it allegedly came to light that Bobmallo Enterprises had sold the mortgaged property in March 2025 to Pespair Solution Pvt. Ltd. without informing or obtaining consent from the lender.
When questioned, Waze and Sawant allegedly told the finance company that their firm was under heavy debt and had become a defaulter. They claimed the property was sold to clear outstanding liabilities.
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Offence registered under BNS
Following the complaint, police have registered an offence under Sections 3(5) and 318(4) of the Bharatiya Nyaya Sanhita (BNS) and have launched further investigation into the alleged fraud.
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