Mumbai Crime: Credit Society Chairman, Office Bearers Booked For Cheating Bandra Firm Of ₹25 Lakh In Loan Fraud
· Free Press Journal
Mumbai: The Nehru Nagar police have registered a criminal case against the chairman and office bearers of Dr. Patangrao Kadam Co-operative Credit Society Ltd. for allegedly cheating a city-based digital marketing firm of Rs25 lakh by luring it with a promise of a Rs2.5 crore business loan.
Three Accused Identified
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The accused have been identified as Anand Pagare, chairman of the credit society; Dinesh Upade, secretary; and Vijay Telgar. The case has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) following a preliminary inquiry.
According to the FIR, the complainant, 56-year-old Vidyadhar Dattu Powar, is a director of FBTS Digital Marketing Pvt. Ltd., based on 15th Road in Bandra (West). Seeking funds to expand the company’s operations, Powar began exploring loan options through agents. During this process, one Vijay Ahluwalia introduced him to Vijay Telgar, who allegedly assured him that a loan could be arranged through the credit society.
Meeting at Kurla Mall
On August 16, 2025, Powar and his associates visited the society’s branch at East Point Mall in Kurla (East), where they met Pagare and Upade. Pagare informed them that the society’s head office was located at Raheja Arcadia, Sector 11, CBD Belapur, Navi Mumbai. When Powar applied for a Rs2.5 crore loan, Pagare allegedly imposed a condition that 10 percent of the loan amount must be deposited as a fixed deposit with the society.
Agreeing to the condition, Powar submitted KYC documents and paid Rs11,000 in cash as application fees. On August 19, 2025, he received a loan sanction letter on the society’s letterhead stating that the loan of Rs2.5 crore had been approved at 7 percent annual interest for a tenure of 10 years, with a monthly instalment of Rs2,90,271.
Firm Transfers Rs 25 Lakh
Subsequently, the company transferred Rs25 lakh via RTGS in two fixed deposits of Rs12.5 lakh each in the name of FBTS Digital Marketing Pvt. Ltd. The society issued fixed deposit certificates stating a five-year tenure ending August 18, 2030, with 7.5 percent interest.
However, the promised loan was never disbursed. On September 5, 2025, Pagare allegedly handed over a demand draft of Rs2.5 crore drawn in the name of the society’s Belapur branch. When Powar deposited it at his company’s bank branch in BKC, the draft was dishonoured as invalid.
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Pagare later assured Powar that the loan amount would be transferred via RTGS, initially citing Canara Bank. However, no funds were credited, and an email purportedly from Canara Bank was later found to be fake.
Further inquiries revealed that both the Kurla branch and the Navi Mumbai head office of the credit society were shut. Powar also learnt that a similar offence had reportedly been registered at CBD Belapur police station.
Following a written complaint filed by Powar on behalf of his company, the Nehru Nagar police have initiated a formal investigation into the alleged fraud.
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