Dadar police have filed a chargesheet against a developer for purportedly defrauding Motilal Oswal Finance Ltd by selling mortgaged property that was used as collateral for a housing project loan of Rs 158 crore obtained nearly ten years ago. While the police have charged Ramakant Jadhav, the director of Karm Infrastructure, they have exonerated his partner Ketan Patel.
In December 2025, the police presented a 500-page chargesheet to the Additional Chief Metropolitan Magistrate, 5th Court, Sewri, and also requested permission to submit a supplementary chargesheet once the absconding accused is apprehended. The case originates from 2014 when Jadhav sought financial support from Motilal Oswal Finance for their planned housing project, Karma Panchayat.
Motilal Oswal Finance approved a loan of Rs 158.73 crore, which was transferred to the company’s bank accounts. To secure this loan, Jadhav mortgaged three properties as collateral — a 4.9-hectare plot in Shilottar, Shahapur, Thane district valued at Rs 4 crore, a 37,820 sq m plot in Mohili village, Kalyan taluka, Thane, and another plot in Palghar. All original documents were submitted to Motilal Oswal Finance, and a registered guarantee deed, dated February 19, 2018, was executed by Jadhav to ensure repayment.
The fraud was uncovered when Motilal Oswal Finance initiated recovery actions after the borrowers failed to make loan repayments. During a title verification, it was revealed that the 4.9-hectare land parcel in Shilottar had been unlawfully sold on March 26, 2021, to two buyers — Subhash Bhaskar Dagkher and Ramnath Karbhari Awhad — for Rs 58 lakh.
During the investigation, the police reported that they acquired documentary evidence from the deputy registrar’s office, which confirmed that both the sale and purchase deeds were executed in compliance with the Registration Act. However, it was verified that Jadhav allegedly sold the property that was already pledged to Motilal Oswal Finance.
During the investigation, the Dadar police made efforts to deliver notices in accordance with Section 41(1)(a) of the Criminal Procedure Code at the office and residential addresses of Jadhav located in Thane and Dadar.
However, they found the office closed and the residence demolished, rendering the accused untraceable. Subsequent verification at the Naupada police station revealed that Jadhav’s office had been closed for several months and that his residence no longer existed.
As a result, Jadhav was declared to be absconding, leading to the issuance of a proclamation under Section 82 of the Criminal Procedure Code and a non-bailable warrant under Section 70 of the Criminal Procedure Code.
