Pune: ₹30 Crore Loan Fraud Using Forged Signatures of Former MLA’s Family, Police Case Filed
Pune: ₹30 Crore Loan Fraud Using Forged Signatures of Former MLA’s Family, Police Case Filed
Pune, June 24, 2025: A major financial fraud involving ₹30 crore has come to light in which fake signatures of former Purandar MLA Sanjay Jagtap, his wife Rajvardhini Jagtap, and other family members were used to renew a commercial loan using forged documents.
The complainant, Rajvardhini Jagtap, executive director of a motor company on Moledina Road in Pune’s Cantonment area, has lodged an FIR at Bundgarden Police Station. The case names Manish Eknath Morankar (age 52, Vishal Nagar, Pimple Nilakh), Shakeel Nadaf (age 55, Mumbai), and two others.
Between November 1, 2018, and March 30, 2024, the accused allegedly submitted fake documents to Reliance Commercial Finance (now merged with Authum Investment & Infrastructure Ltd) to fraudulently renew nine loan accounts worth ₹29 crore. Properties owned by the Jagtap family — including bungalows in Sindh Society and Saswad — were mortgaged for the loans.
According to the complaint, although seven of the nine loans were repaid by 2018 and certificates were obtained, the complainant was later served with property seizure notices for unpaid loans. Upon inquiry, it was discovered that the loans were illegally renewed in 2018 using forged signatures. Forensic analysis confirmed the signatures of family members and company directors were fake.
Despite requests, the finance company failed to submit documentation on fund transfers during the renewal. Police have now registered a case and are investigating under Assistant Inspector Arjun Mohite.
The Jagtaps allege that there was a conspiracy to seize their mortgaged properties by fabricating loan renewal documents.
