Mumbai Crime: Special Court Convicts 10, Including Bank Manager, In ₹87.8 Lakh Fraud Case
· Free Press Journal
Mumbai: A special court has convicted 10 people, including a bank manager, for a bank fraud dating back to 2006. At the centre of the conspiracy were two brothers, Kashinath Jadhav, 65, and Ganesh Jadhav, 63, who have both been sentenced to five years' imprisonment.
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The court also imposed a fine of ₹20 lakh on Kashinath and ₹15 lakh on Ganesh. Additionally, seven persons – Iqbal Khan, Kishore Panvekar, Deepak Shah, Kavitha Duggal, Sanjay Jain, Keyur Jain and Ashok Bhandare were convicted for their role in the conspiracy. Though listed as flat purchasers, they were not the actual owners. They have each been sentenced to one-year imprisonment.
Mumbai Crime: Man Kills Wife To Stay With Lover, Stages Her Death As Suicide In Powai; 4 ArrestedThe conviction follows a Central Bureau of Investigation (CBI) probe into a 2004 scam where 17 home loans were fraudulently obtained from the Central Bank of India, resulting in a loss of ₹87.8 lakh. According to the prosecution, the Jadhav brothers opened a bank account for their firm, Shreeram Sthapatya Construction, at the bank. The firm had developed a property named Spring Field Apartment, which was used as the basis for the fraudulent loan applications. The role of bank officials was also highlighted.
Shree Narayan Mathur, then chief manager, MP Shastry, 77, then senior manager, and Junaid Ibrahim, a clerk, were implicated in the scam. While Mathur and Ibrahim died pending trial, Shastry was convicted on corruption charges for failing to follow mandatory guidelines during the verification and recommendation of the loan proposals.
The scam involved an absconding suspect, Sajjad Mohd Ghandlawala, who allegedly conspired with the bank officials and Kashinath to create 17 fabricated sale agreements. These documents were registered using forged signatures. The bank officer then issued loan cheques without proper oversight, which were deposited into accounts controlled by Kashinath and subsequently misappropriated.
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