MUMBAI: Dadar police have charged a developer for allegedly cheating Motilal Oswal Finance Ltd by selling mortgaged property held as collateral for a Rs 158 crore housing project loan acquired almost a decade ago. While the police have charged Karm Infrastructure director Ramakant Jadhav, they have told his partner Ketan Patel the truth.
In December 2025, the police filed the 500-page charge sheet before the Additional Chief Metropolitan Magistrate, 5th Court, Sewri, and also sought permission to file a supplementary charge sheet once the absconding suspect is arrested.
The case dates back to 2014 when Jadhav Motilal approached Oswal Finance, seeking financial support for their proposed housing project, Karma Panchayat. Motilal Oswal Finance approved a loan of Rs 158.73 crore, which was disbursed into the company’s bank accounts.
To secure the loan, Jadhav mortgaged three properties as collateral: a 4.9-acre plot at Shilottar in Shahapur in Thane district, valued at Rs 4 crore, a 37,820 sq ft plot at Mohili village in Thane’s Kalyan taluka, and a plot in Palghar. All original documents were deposited with Motilal Oswal Finance and a registered warranty deed, dated February 19, 2018, was signed by Jadhav to guarantee the refund.The fraud came to light when Motilal Oswal Finance initiated recovery proceedings after the borrowers defaulted in repaying the loan.
During a property verification, it was discovered that the 4.9-acre plot in Shilottar was illegally sold to two buyers — Subhash Bhaskar Dagkher and Ramnath Karbhari Awhad — for Rs 58 lakh on March 26, 2021.
During the investigation, the police said they obtained evidence from the Deputy Registration Office showing that both the sale and purchase deeds had been executed in accordance with the Registration Act. But it confirmed that Jadhav would have sold the property already committed to Motilal Oswal Finance.
During the investigation, the Dadar police tried to serve notices under Section 41 (1) (a) of the Code of Criminal Procedure at Jadhav’s office and residence addresses in Thane and Dadar. However, the office was closed and the house demolished, and the suspect could not be found.
Further verification through Naupada police station confirmed that Jadhav’s office had been closed for months and his residence no longer existed. Accordingly, Jadhav was declared absconding and a proclamation under Section 82 of the Code of Criminal Procedure and a non-bailable warrant under Section 70 of the Code of Criminal Procedure were issued.
#Mumbai #Police #files #case #developer #cheating #Motilal #Oswal #Finance