Pune: Builder Subhash Sanas Unravels Rs 25 Crore Fraud in Beverly Hills

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Koregaon Park, 19th January 2024: The Bharti Vidyapeeth Police in Pune have filed a case against nine individuals for alleged forgery of power of attorney and flat ownership documents related to a high-end property in Beverly Hills, Lullanagar. The luxurious property, owned by Pune’s prominent builder Subhash Sanas, was targeted in the fraud, leading to a financial loss of ₹4.30 crore for a private bank, as disclosed by officials on Thursday.

The accused successfully obtained a loan against the mortgaged properties, including two penthouses and three fully-furnished flats. Shockingly, the private bank sanctioned the funds without proper verification. The property, originally purchased by Sanas from cine legend Shammi Kapoor, consisted of a 16-unit building with penthouses and flats, six of which were already sold.

The fraud, occurring between September 27, 2023, and January 13, 2024, came to light when the builder lodged a complaint, resulting in the police registering a case on Wednesday. Among the nine suspects, five have been identified as Nitin Gajanan Patankar of Kolhapur, Purushottam Gajanan Patankar of Chinchwad, Milind Gosavi of Pune, Prachi Patankar of Ichalkaranji in Kolhapur district, and Vivek Sham Shukla of Bibvewadi.

According to Sanas’ FIR, he had purchased the property from Shammi Kapoor in 2008 and had given power of attorney to Vitthal Narayan Bhore to complete sales of the remaining units. The fraudulent activity came to light when Sanas received a call from DBS Bank inquiring about TDS payment for the property sold on September 29, 2023.

Upon investigation, it was revealed that a bogus sale deed was executed in the name of Sanas Builders, and the DBS Bank account was opened with forged documents. The accused, through manipulation of the Haveli Registrar Office, fabricated new documents, successfully mortgaging the flats and penthouses to obtain a loan of ₹4.33 crore from DBS Bank. Additionally, a false account was opened in the Bank of Maharashtra with forged signatures, PAN card, and Aadhaar card.

Sanas estimates the market value of the property at around ₹25 crore. Expressing concern, he emphasized the need for stringent due diligence to prevent such frauds. Deputy Commissioner of Police Vikrant Deshmukh stated that the role of banks and the sub-registrar office would be thoroughly investigated.

Incharge of Bharti Vidyapeeth Police Station, Dashrath Shivaji Patil, confirmed the registration of a cheating case against the suspects under various sections of the Indian Penal Code (IPC), including 420, 406, 409, 467, 468, 471, 472, and 34.