Mumbai: Dadar police have chargesheeted a developer for allegedly cheating Motilal Oswal Finance Ltd by selling mortgaged property kept as collateral against a housing project loan of Rs 158 crore acquired nearly a decade ago. While police chargesheeted the director of Karm Infrastructure, Ramakant Jadhav, they have given clean chit to his partner Ketan Patel.In December 2025, police submitted the 500-page chargesheet before the Additional Chief Metropolitan Magistrate, 5th Court, Sewri, and also sought permission to file a supplementary chargesheet once the absconding accused is arrested.The case dates back to 2014 when Jadhav approached Motilal Oswal Finance, seeking financial assistance for their proposed housing project, Karma Panchayat. Motilal Oswal Finance sanctioned a loan of Rs 158.73 crore, which was disbursed into the company’s bank accounts.To secure the loan, Jadhav mortgaged three properties as collateral — a 4.9-hectare plot at Shilottar in Thane district’s Shahapur valued at Rs 4 crore, a 37,820 sq m plot in Mohili village in Thane’s Kalyan taluka, and one plot in Palghar. All original documents were deposited with Motilal Oswal Finance and a registered guarantee deed, dated Feb 19, 2018, was executed by Jadhav to ensure repayment.The fraud came to light when Motilal Oswal Finance started recovery proceedings after the borrowers defaulted on loan repayments.During a title verification, it was discovered that the 4.9-hectare land parcel at Shilottar had been illegally sold on March 26, 2021, to two buyers — Subhash Bhaskar Dagkher and Ramnath Karbhari Awhad — for Rs 58 lakh.During investigation, police said they obtained documentary evidence from the deputy registrar’s office which confirmed that both the sale and purchase deeds were executed in accordance with the Registration Act. But, it verified that Jadhav allegedly sold the property already pledged to Motilal Oswal Finance.During the probe, Dadar police attempted to serve notices under Section 41(1)(a) of the Criminal Procedure Code at Jadhav’s office and residence addresses in Thane and Dadar. However, the office was shut and the residence demolished, and the accused was untraceable.Further verification through the Naupada police station confirmed that Jadhav’s office had been shut for months and his residence no longer existed. Consequently, Jadhav was declared absconding, and a proclamation under Section 82 of the Criminal Procedure Code and a non-bailable warrant under Section 70 Criminal Procedure Code were issued.
