MUMBAI: A 35-year-old man from Pune, Sandesh Jawale, was arrested by officials of Bandra Kurla Complex (BKC) police station on Saturday for allegedly swindling several people of approximately Rs 100 crore over the past four years. Jawale, who possessed extensive knowledge of online auctioning of commercial and residential properties by banks, targeted individuals seeking properties in Mumbai. He allegedly deceived people by offering them properties seized by banks from loan defaulters at prices below market value.
An officer of BKC police station said, “Jawale deceived people by enticing them with the prospect of acquiring residential or commercial property at prices below market value. He would gain confidence of potential buyers by presenting them with flats seized by banks from loan defaulters and were purportedly available for auction. He has even taken a loan on behalf of the buyers which he has used for his own purpose.”
Jawale’s fraudulent activities began during the Covid-19 pandemic in 2020 and continued for four years before he went into hiding. He ran out of luck when he allegedly duped a Mumbai man of Rs50 lakh after showing him an office space at BKC.
Following the complaint, DCP (Zone VIII) Manish Kalwaniya supervised a team that got Jawale’s details from the Registrar of Companies where he had registered his company ‘Quick Deals’, dealing in real estate.
Jawale collected money from buyers through online transactions, which were credited to his company’s account, said the police. “Instead of paying the sum to the bank, he used it for his own purpose. His modus operandi involved obtaining keys to such properties and showcasing them to interested parties.
He would collect advance payments from the buyers before vanishing with the money. We are currently investigating the possibility of a bank employee being complicit in the scheme, potentially assisting him by providing access to the flat keys. The arrest was made following a complaint filed by a person who claims to have been cheated out of Rs 50 lakh,” said a police officer.
The police are now working to determine the full extent of the fraud and identify any other individuals who may have been involved in the scam.
