Rs 30 Crore Loan Fraud Exposed in Pune; Finance Officials Accused of Forging Documents to Cheat Auto Firm
Pune, 23rd June 2025: A major financial scam involving ₹30 crore has come to light in Pune, where officials from a finance company allegedly forged documents to fraudulently claim a loan in the name of Silver Jubilee Motors, a reputed automobile dealership. Shockingly, the fraud continued even after the company had fully repaid its original loan.
The case came to light after Rajvardhini Sanjay Jagtap (43), Managing Director of Silver Jubilee Motors and a resident of Saswad, filed a formal complaint. Based on her report dated June 21, an FIR was registered at Bundgarden Police Station against seven individuals.
Accused of Misusing Company Name, Forged Signatures
Among the accused are Manish Eknath Morankar (52) of Vishalnagar, Pimpri-Chinchwad, and Shakeel Nadaf (55) of Mumbai. Both were previously associated with Reliance Commercial Finance Company, which is now operating under the name Authum Investment & Infrastructure Ltd.
According to police sources, the accused allegedly forged the names and signatures of the company’s directors—Kiranpalsingh Ahluwalia, Manmohansingh Ahluwalia, and members of the Jagtap family—to falsely represent the disbursement of a ₹30 crore loan. This fraudulent activity was carried out even though the original loan had already been cleared in full by Silver Jubilee Motors.
Attempt to Seize Assets Through Forged Loan Claims
Investigators believe the accused created false documents to illegally seize properties and assets belonging to the company and its directors. The conspiracy involved manipulating loan records, misrepresenting disbursements, and attempting to create a false narrative of outstanding dues.
Senior Police Inspector Ravindra Gaikwad of Bundgarden Police Station confirmed the registration of the case. Assistant Police Inspector Arjun Mohite is currently leading the investigation.
The accused have been booked under various sections of the Indian Penal Code, including cheating, forgery, criminal conspiracy, and fraudulent misappropriation. Police have launched a deeper probe to determine the scale of the fraud and identify other potential accomplices.
