Mumbai: In a shocking case of financial fraud, the Bhandup police have registered an FIR against three individuals Ramesh Jain, Sujit Singh and Mahendra Kaisarkar, (Director of M/s Vaishali Consultants Pvt. Ltd.), for allegedly duping a 54-year-old businessman, Mahendra Dattaram Kadam, of over Rs55.82 lakh under the pretext of helping him secure a loan.
According to the FIR, Kadam, who runs a mediclaim agency and resides in Anand Nagar, Bhandup West, met Ramesh Jain at a business seminar in 2018-19. Jain introduced himself as someone who helps people secure loans. In December 2021, Kadam, who was facing a financial crunch, approached Jain for help in getting a loan of Rs10–12 lakh.
Jain agreed to assist but demanded a 20% service fee upon loan disbursal, stating the process would take 4 to 5 months. Trusting Jain, Kadam complied. On Jain’s instructions, Kadam went to Dadar railway station, where two women took his photographs and opened an Axis Bank account in his name at Ranade Road branch. The welcome kit, including an ATM card and cheque book, was handed over to Jain, who claimed it would be used for loan disbursal.
In January 2022, Mahendra Kaisarkar contacted Kadam, claiming to be processing the loan through Jain’s reference. Kadam shared his personal documents Aadhaar card, PAN card, electricity bill, and bank statements via WhatsApp. Kaisarkar later informed Kadam that the loan amount would be processed through multiple banks due to its size and sent various people to verify documents.
Jain also asked Kadam to provide a new mobile number, claiming it was required for the loan process. On May 1 and 2, 2022, Kadam received SMS alerts of Rs5 lakh and Rs10 lakh deposits from a company named “All in One Trading”, Mazagon, into his ICICI Bank account. Jain claimed this company belonged to him and that a loan of Rs22 lakh had been sanctioned.
Kadam handed over Rs15 lakh to Jain and was told that the remaining Rs7 lakh was used as processing fees and EMI payments. For the next year, Kadam continued transferring monthly EMI amounts of Rs56,828 to the All in One Trading company account and later directly to an ICICI Bank account, as instructed by Jain.
In October 2024, recovery agents from Kotak Mahindra Bank, Aditya Birla Finance, Yes Bank, and Fullerton India visited Kadam’s residence, demanding EMI payments for loans allegedly taken in his name. Kadam, who had no knowledge of such loans, confronted Jain. Jain claimed that the documents were misused by Vaishali Consultants, a company run by Sujit Singh and Mahendra Kaisarkar.
Upon further inquiry, Kadam discovered that fake salary slips and employment documents had been created in his name to fraudulently obtain loans from multiple banks. These loans, totaling Rs55,82,997, were allegedly siphoned off for the personal benefit of the accused.
The Bhandup police have registered a case under relevant sections of the Indian Penal Code for cheating, forgery, criminal breach of trust, and criminal conspiracy. The investigation is ongoing.
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