In a major development in the ₹87 lakh loan scam at the Babulnath branch of the Central Bank of India, the Gamdevi Police have arrested 35-year-old Jayshree Bhausaheb Bhagwat for fraudulently availing a ₹40 lakh loan by submitting forged documents to show the purchase of a flat in Palghar. Bhagwat, along with co-accused Rasika Naik, allegedly defrauded the bank by submitting fake salary slips and identity documents.
Faked employment and salary details
According to investigating officers, Bhagwat posed as an employee of Goldiam International Pvt. Ltd., submitting fabricated salary slips from October 2020 to August 2021, a forged company ID card, and a fake Kotak Bank account statement showing a monthly credit of ₹61,625 to establish her employment. She also submitted a bogus Form 16 to further support her claim.
Loan routed via fake flat owner’s account
Police revealed that a fake bank account in the name of the purported flat owner, identified as Vellani, was allegedly opened and used to route the ₹40 lakh loan amount. A fraudulent sale deed was also submitted as part of the loan application. Authorities are continuing their probe to trace the disbursed funds and determine the extent of the scam.
Police custody till August 6
Given the seriousness of the fraud and pending investigations, police produced Bhagwat before the holiday court on August 3, 2025, and secured her police custody till August 6. Investigators are also examining the possible involvement of officials from the Babulnath branch who may have approved the forged loan documents.
Similar pattern in multiple fraudulent loans
Police said both Bhagwat and Rasika Naik used the same modus operandi submitting fake bank statements, ID cards, Form 16s, and salary slips to fraudulently obtain loans. Naik secured ₹46.5 lakh on September 28, 2022, while Bhagwat received ₹40 lakh on November 2, 2022. The total scam now amounts to ₹86.5 lakh.
Co-accused on the run
Co-accused Rasika Naik and Ramakant Naik are currently absconding. Gamdevi Police are continuing their efforts to trace and apprehend them.
Case registered under multiple IPC sections
The fraud was uncovered during an internal verification exercise by the bank, which led to the registration of a case in June 2024 under IPC Sections 34 (common intention), 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), and 471 (using forged documents) at Gamdevi Police Station.
