Archive · 6 Jan 2026
Developer Charged for Allegedly Cheating Finance Firm
A real estate developer named Ramakant Jadhav is in trouble for allegedly cheating a finance company.
He took a big loan for a housing project and promised to keep some land as security.
But he sold that land to other people without telling the finance company.
The police have filed a big report about this, and they are still looking for him because he is hiding.
His business partner is not in trouble.
The finance company is trying to get their money back.
Developer Ramakant Jadhav charged with defrauding Motilal Oswal Finance Limited of ₹4 crore by selling mortgaged property.
Loan of ₹158.73 crore taken for a proposed housing project, secured by three mortgaged properties.
Fraud detected after loan default and during recovery proceedings, revealing the sale of mortgaged land to two buyers.
500-page chargesheet filed by Dadar police, with a supplementary chargesheet likely after the arrest of the absconding accused.
Jadhav declared absconding, with a non-bailable warrant issued, as he could not be traced at his office or residence.
- Who
- Ramakant Jadhav, director of Karma Infrastructure, and his business partner Ketan Patel (given a clean chit)
- What
- Alleged fraud of ₹4 crore by illegally selling a mortgaged property
- When
- Loan taken nearly a decade ago, fraud detected after loan default and recovery proceedings initiated
- Where
- Mumbai, with properties in Shahapur, Kalyan, and Palghar districts
- Why
- To secure a loan for a proposed housing project named Karma Panchayat
- Developer
- Ramakant Jadhav, director of Karma Infrastructure
- Finance Company
- Motilal Oswal Finance Limited
- Loan Amount
- ₹158.73 crore
- Mortgaged Properties
- Three properties, including a 4.9-hectare land parcel in Shahapur
- Alleged Fraud Amount
- ₹4 crore
- Sale of Mortgaged Land
- Sold to Subhash Bhaskar Dagkher and Ramnath Karbhari Avhad for ₹58 lakh
- Chargesheet
- 500-page chargesheet filed, supplementary chargesheet likely
- Accused Status
- Ramakant Jadhav declared absconding, non-bailable warrant issued
