In a significant financial fraud case, the Dadar police in Mumbai have formally chargesheeted a real estate developer for allegedly cheating Motilal Oswal Finance Ltd. The core of the accusation is the illegal sale of a property that was mortgaged as collateral for a massive housing project loan amounting to Rs 158.73 crore, sanctioned nearly a decade ago.
The Chargesheet and the Accused
Police have named Ramakant Jadhav, the director of Karm Infrastructure, in the chargesheet for his alleged central role in the fraud. However, his business partner, Ketan Patel, has been given a clean chit by the investigating authorities. The detailed 500-page chargesheet was submitted before the Additional Chief Metropolitan Magistrate, 5th Court, in Sewri in December 2025.
Authorities have also indicated they will seek permission to file a supplementary chargesheet once the main accused, who is currently absconding, is apprehended.
Anatomy of the Alleged Fraud
The case traces its origins to 2014 when Jadhav approached Motilal Oswal Finance seeking funding for a proposed residential venture named 'Karma Panchayat'. The financial institution approved and disbursed the loan of Rs 158.73 crore into the company's accounts.
To secure this substantial credit, Jadhav mortgaged three properties as collateral:
- A 4.9-hectare plot in Shilottar, Shahapur (Thane), valued at Rs 4 crore.
- A 37,820 square meter plot in Mohili village, Kalyan (Thane).
- Another plot located in Palghar.
All original title documents were deposited with the finance company, and a registered guarantee deed was executed by Jadhav on February 19, 2018, to ensure repayment.
The scheme unraveled when the borrowers defaulted on the loan, prompting Motilal Oswal Finance to initiate recovery proceedings. During a mandatory title verification check, a shocking discovery was made: the 4.9-hectare land parcel in Shilottar had already been sold on March 26, 2021, to two buyers—Subhash Bhaskar Dagkher and Ramnath Karbhari Awhad—for a mere Rs 58 lakh.
Police Investigation and the Absconding Accused
The Dadar police's investigation gathered crucial documentary evidence from the deputy registrar's office. The records confirmed that the sale and purchase deeds were executed in compliance with the Registration Act. However, this verification also conclusively proved that Jadhav had allegedly sold the property after it was already pledged to Motilal Oswal Finance.
In their efforts to locate Jadhav, police attempted to serve legal notices at his registered office and residential addresses in Thane and Dadar. They found his office shut and his residence demolished, with no trace of the accused. Follow-up checks with the Naupada police station confirmed that the office had been closed for months and the home address was no longer valid.
Consequently, Ramakant Jadhav was declared absconding. The court has issued a proclamation under Section 82 of the CrPC and a non-bailable warrant under Section 70 of the CrPC against him.
This case highlights the risks financial institutions face in large-project lending and underscores the legal consequences of violating loan covenants and property pledges.
