Mumbai, Dec 24: The Kalachowki police have registered an FIR against Sadanand Vishwanath Darekar and his wife, Neelima Darekar, residents of Shiravane, Nerul, Navi Mumbai, for allegedly cheating the Mumbai District Central Cooperative Bank Ltd. by submitting forged documents resembling original property papers to obtain a home loan of Rs 30 lakh. The alleged fraud pertains to an outstanding principal amount of Rs 29.28 lakh.
Bank manager flags irregularities in loan sanctioned in 2014
According to the FIR, the complainant, Balu Chintu Yadav, 55, branch manager of the Lalbaug branch of the Mumbai District Central Cooperative Bank since 2020, stated that the accused had applied for a home loan in 2014 to purchase Flat No. 102, first floor, Shri Om Apartment, Shiravane (JES), Sector 1, Nerul. The loan was approved by the bank’s divisional office at Mahim on December 15, 2014.
Property documents submitted to secure Rs30 lakh loan
The bank accepted purported original property documents, including an agreement showing the developer Shri Om Construction & Builders (Dnyaneshwar N. Sutar) selling the property to Tanaji Shankar Mohite in 2007, and a subsequent agreement dated February 26, 2014, showing Mohite selling the flat to Sadanand Darekar.
Loan disbursed after legal and valuation clearance
A legal title certificate issued by advocate Dilip V. Zore declared the property mortgageable, while a valuation report by M/s Vishal Associates assessed the property value at Rs 44.10 lakh. The property was mortgaged in favour of the bank on December 30, 2014, and the loan amount of Rs 30 lakh was disbursed via pay order to the seller on January 5, 2015.
Loan account turns non-performing after EMI default
However, the borrowers allegedly stopped paying EMIs from April 6, 2016, resulting in the account turning non-performing. Despite repeated demand notices, the dues remained unpaid. As of August 31, 2016, the outstanding principal stood at Rs 29,28,370, with accrued interest of Rs 1,92,174 at that time.
Recovery certificate issued, property taken over
A recovery certificate under Section 101 of the Maharashtra Cooperative Societies Act, 1960, was obtained on March 30, 2017. Acting on this, the bank took possession of the mortgaged property on November 25, 2024, through the Belapur Mandal Officer, Navi Mumbai.
Second bank’s SARFAESI notice raises suspicion
During an inspection on June 26, 2025, the bank’s recovery officer noticed that instead of the Mumbai Bank’s notice, the flat door displayed a SARFAESI Act, 2002 auction notice issued by The City Cooperative Bank.
Subsequent correspondence revealed that City Cooperative Bank had also sanctioned a loan of Rs 28.50 lakh to Sadanand Darekar on September 24, 2014, against the same property, and had seized it on January 17, 2025, for loan default.
Forgery detected during document verification
Upon verification on August 12, 2025, Mumbai Bank officials found that the documents submitted to both banks appeared identical. However, records obtained from the Sub-Registrar’s office (Thane-6) revealed discrepancies between the genuine registered documents and those submitted to Mumbai Bank, indicating that forged documents resembling originals were used to secure the loan.
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Police initiate investigation after bank complaint
Following these findings, the bank lodged a complaint at the Kalachowki police station. The police have registered a case under relevant sections of the Indian Penal Code (IPC) Act and initiated further investigation.
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