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MUMBAI: The Dadar police have filed a chargesheet against a developer for allegedly defrauding Motilal Oswal Finance Ltd by selling mortgaged property that served as collateral for a housing project loan of ₹158 crore taken nearly ten years ago.
The chargesheet names Ramakant Jadhav, director of Karm Infrastructure, while his partner Ketan Patel has been cleared of any wrongdoing.
The police submitted a 500-page chargesheet to the Additional Chief Metropolitan Magistrate’s 5th Court in Sewri in December 2025. They have also requested permission to file a supplementary chargesheet once the absconding accused is located.
This case dates back to 2014 when Jadhav approached Motilal Oswal Finance for a loan to fund their proposed housing project, Karma Panchayat. A loan of ₹158.73 crore was approved and transferred to the company’s accounts.
To secure this loan, Jadhav mortgaged three properties: a 4.9-hectare land in Shilottar, Thane, worth ₹4 crore, a 37,820 sq m plot in Mohili village, Kalyan taluka, and another plot in Palghar. All original documents were given to Motilal Oswal Finance, and a registered guarantee deed was executed by Jadhav on February 19, 2018, to ensure repayment.
The fraud was revealed when Motilal Oswal Finance initiated recovery proceedings after the borrowers defaulted on repayment. During a title check, it was found that the 4.9-hectare plot in Shilottar had been sold illegally on March 26, 2021, to two buyers for ₹58 lakh.
Evidence obtained from the deputy registrar’s office confirmed that the sale and purchase deeds were executed under the Registration Act. However, it was established that Jadhav had sold property already pledged to Motilal Oswal Finance.
Throughout the investigation, the Dadar police attempted to serve notices to Jadhav at his office and home addresses in Thane and Dadar. However, both locations were either closed or no longer existed, and Jadhav could not be located.
Further verification with the Naupada police station revealed that Jadhav’s office had been shut for several months and his residence was demolished. Consequently, Jadhav has been declared absconding, and a proclamation under Section 82 and a non-bailable warrant under Section 70 of the Criminal Procedure Code have been issued.
This version maintains the essential information while restructuring some sentences for clarity and flow.
