Mumbai, August 18, 2026: The Vile Parle police have registered an FIR against four former employees of Maratha Co-operative Bank, including the CEO, for allegedly embezzling Rs 4.15 crore by showing loans sanctioned to 210 persons and diverting the money. The alleged fraud, dating to 2003-2006, surfaced after the bank’s merger with Cosmos Bank.

Four Former Bank Officials Booked

The accused are Ramesh Shirgaonkar, then CEO; Dashrath Naik, then chief manager; Vaishali Mayekar, then loan department manager; and Gopal Parab, then manager of the Vile Parle branch, in Vile Parle East before shifting to Andheri East.

According to the FIR, assistant manager Surba Sawant, 64, noticed defaults in 2016. Notices were returned because borrowers did not live at the recorded addresses, while some told officials they had never taken loans.

Loans Issued Using Forged Documents

Scrutiny found loans sanctioned to 210 persons – Rs 2.47 crore to 126 shown as employees of Indian Paramedical Company and Rs 1.68 crore to 84 shown as employees of People Paramedical Company. Investigators found they had never worked for the firms and that identity cards, salary slips, salary letters with fake stamps and documents were allegedly forged. Borrowers and guarantors also stood surety for one another.

The 126 loans were shown for home renovation on quotations from Western Construction Engineers and Contractors, Andheri, while 84 relied on quotations from Laxmi Interiors and Decorators, Dombivli.

Funds Diverted After Disbursal

All borrowers opened accounts the same day, with Atul Shirodkar signing the forms as a bank member. After disbursal, Rs 15,000-Rs 20,000 was withdrawn, 5% moved into fixed deposits, and the balance issued through banker’s pay orders bearing only Parab’s signature and handed to Shirodkar.

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Mumbai Crime: Vile Parle Police Book 4 Former Bank Officials In ₹4.15 Crore Loan Fraud Case

Vile Parle police have booked four former Maratha Co-operative Bank officials, including its then CEO, over an alleged ₹4.15 crore loan fraud involving 210 persons. The alleged irregularities date to 2003-06 and surfaced after the bank’s merger with Cosmos Bank.