Mumbai, Jan 14: The Pantnagar police have registered a case of bank fraud involving forged documents and fabricated employment records, in which ICICI Bank was allegedly cheated of Rs 2.72 crore through fraudulent home loans.
The accused include Sandeep Shivram Yadav, Baika Pandurang Bagadi, Dipak Tanaji Pawar, Rekha Vijay Jadhav, Aman Indranath Sharma, and the developer of the Versatile Valley project in Nilje Gaon, Dombivli East.
Complaint filed by bank official
The case was registered on the complaint of Joseph David Nadar (47), Regional Head–Sales, Home Loan Department, ICICI Bank, Ghatkopar (West) branch.
Loans sanctioned using forged records
According to the FIR, ICICI Bank’s home loan department, which earlier functioned from Kamdar Shopping Arcade on Tilak Road, Ghatkopar (East), sanctioned home loans worth Rs 2.79 crore to five borrowers between January 13, 2020 and November 29, 2022. While Sandeep Yadav repaid his home loan of Rs 65 lakh, the remaining four borrowers defaulted on repayments.
Verification reveals discrepancies
Following the defaults, bank officials from the sales department initiated a verification process and discovered serious discrepancies in the loan documents.
Borrowers untraceable, one deceased
During the inquiry, bank officials attempted to trace the four defaulters—Baika Bagadi, Dipak Pawar, Rekha Jadhav and Aman Sharma—but found that they were not residing at the addresses mentioned in their loan applications. It was further revealed that Rekha Jadhav had passed away, raising further suspicion about the authenticity of the loan documentation.
Fake employment details uncovered
The investigation revealed that Sandeep Yadav owned two firms, M/s R Prints and Saviso Packaging Pvt. Ltd., and had falsely shown the four borrowers as salaried employees of these companies to establish their eligibility for home loans.
Salary slips and income details were allegedly fabricated to meet the bank’s loan sanction criteria. The firms were found to be intermittently operational, further strengthening suspicions of forgery.
Circular money trail detected
As per bank records, Bagadi was shown as earning a monthly salary of Rs 83,000, Pawar Rs 80,300, Sharma Rs 62,493, and Jadhav Rs 83,500. Bank scrutiny of the accused persons’ bank accounts revealed that salary amounts credited to Dipak Pawar’s account were immediately transferred to another borrower’s account under the guise of salary payments, indicating a circular money trail created to support false income claims.
Details of properties purchased
The four borrowers collectively availed loans worth Rs 2.14 crore to purchase residential flats in Thane and Dombivli. Bagadi took a loan of Rs 71.65 lakh to purchase a flat in Highland Residency, Dhokali, Kolshet Road, Thane (West).
Pawar availed a loan of Rs 57.50 lakh for a flat in Versatile Valley, Nilje Gaon, Dombivli (East). Jadhav took a loan of Rs 57.34 lakh for a flat in the same project, while Sharma borrowed Rs 27.84 lakh to purchase a flat in Grand Vista, Bhopar Gaon, Manpada, Dombivli (East).
Developer’s role under scanner
Investigators also uncovered the alleged involvement of the Versatile Valley developer. For two flat bookings, the developer allegedly transferred money into the borrowers’ bank accounts to show payment of token amounts, which were then routed back to the developer’s account, falsely creating records of legitimate booking transactions.
Bank takes possession of flats
Following confirmation of fraud, ICICI Bank initiated legal proceedings and took possession of the mortgaged flats worth Rs 2.72 crore. Thereafter, the bank lodged a formal complaint with the Pantnagar police against all the accused, including the developer, for cheating and forgery.
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Case registered, probe on
The Pantnagar police have registered a case under Sections 420 (cheating), 465, 467, 468, 471 (forgery and use of forged documents), and 34 (common intention) of the Indian Penal Code (IPC). Further investigation is underway.
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