A shocking financial fraud has surfaced in Pune, where forged signatures of former Purandar MLA Sanjay Jagtap and his family members were allegedly used to secure illegal loans worth Rs 30 crore. The scam, involving fake documents and manipulated loan records, has left the family battling to reclaim their mortgaged properties despite having cleared all dues years ago.
How the Fraud Unfolded
The case came to light when Rajvardhini Sanjay Jagtap, Executive Director of Silver Jubilee Motors, received court notices in March 2024 stating that properties mortgaged for loans taken between 2012 and 2017 were being seized for non-payment. This was baffling, as the company had repaid all nine loans—totaling Rs 29 crore—by November 2018 and had even received no-dues certificates for most of them.
Upon scrutinizing court documents, Rajvardhini discovered a sinister plot: unknown individuals had allegedly restructured the loans in the company’s name without consent and forged signatures of the Jagtap family members, including Sanjay Jagtap, his wife, and other directors, to apply for an additional Rs 30 crore loan in December 2018. Shockingly, the family had no knowledge of these transactions.
The Accused and Their Modus Operandi
An FIR has been filed at Bund Garden Police Station against Manish Morankar and Shakeel Nadaf, former officials of Reliance Commercial Finance Ltd., along with two unidentified individuals. Investigations revealed that the accused allegedly fabricated loan agreements, forged signatures, and siphoned the sanctioned amount into three different bank accounts.
Police confirmed that the original loans had indeed been repaid, making the restructuring and fresh loan applications entirely fraudulent. The complainants were never informed about these dealings, even after Reliance Commercial Finance merged with Authum Investment and Infrastructure Ltd.
Family’s Fight for Justice
The Jagtap family, known for their political and business background, now faces an uphill battle to reclaim their properties and clear their names. Rajvardhini’s prompt complaint led to a police probe, with officers verifying bank records and confirming full repayment of the original loans. API Arjun Mohite is leading the investigation, which could expose deeper financial malfeasance.
A Broader Concern: Financial Fraud on the Rise
This case highlights the vulnerabilities in loan verification processes, where forged documents can bypass checks, putting innocent individuals at risk. Authorities are now under pressure to tighten oversight and hold financial institutions accountable for due diligence lapses.
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