10 convicted in ₹87.8 lakh Central Bank of India loan fraud case
A special court has delivered its verdict in a ₹87.8 lakh fraud case linked to 17 fake home loans from the Central Bank of India. The scam, uncovered in 2023, involved forged property documents and bank officials. Ten people have now been convicted for their roles in the 2004 conspiracy.
The fraud began in 2004 when Sajjad Mohd Ghandlawala and three bank employees—Shree Narayan Mathur, M P Shastry, and Junaid Ibrahim—colluded to secure loans. They used 17 fabricated sale agreements with fake signatures to trick the bank. The Reserve Bank of India (RBI) approved 12 of these fraudulent applications before the scheme was exposed.
Kashinath Jadhav played a central role by diverting the loan money through accounts he controlled. His brother, Ganesh Jadhav, was also involved. The court sentenced Kashinath to five years in prison and fined him ₹20 lakh, while Ganesh received a five-year term and a ₹15 lakh penalty. Seven others—Iqbal Khan, Kishore Panvekar, Deepak Shah, Kavitha Duggal, Sanjay Jain, Keyur Jain, and Ashok Bhandare—were named as fake flat buyers. Each was convicted and given a one-year prison sentence for their part in the deception.
The convictions close a long-running investigation into the 2004 fraud. Those found guilty include bank staff, loan applicants, and the Jadhav brothers. The case highlights how forged documents and insider collusion were used to siphon off public funds.
