In the ₹6.68 crore fake loan scam linked to Pusad Urban Cooperative Bank, the crime branch has arrested branch manager Lalit Dandekar, making him the second major suspect in custody. Earlier, the first arrest in the case was of Sharad Maind, chairman and managing director of the bank.
How the Fraud Was Executed
Investigators revealed that the loan fraud was carried out through misuse of identity documents, inflated loan proposals, and internal collusion. One victim, Chandrasen Yadav, was sanctioned a loan of ₹1.56 crore with guarantors whose Aadhaar and PAN cards were allegedly manipulated. Investigators claim that Maind approved several fake loans through Bharati Maind Credit Cooperative Society, from which funds were siphoned off. Dandekar, as branch manager, is accused of supporting and authorising these fraudulent transactions.
Custody and Ongoing Investigation
Police traced Dandekar’s role using digital trails, call records, and document links. On October 1, both Maind and Dandekar were remanded to police custody until October 4 as the probe continues. Investigators are also examining possible connections between the fraud and the suspicious death of government contractor P. V. Verma, who died by suicide earlier this month. His death is now under scrutiny for potential links to the fraudulent network.
Wider Concerns and Systemic Risks
The case has highlighted serious weaknesses in cooperative banking systems when internal checks fail. Experts caution that collusion between senior officials and external agents, along with misuse of personal identity documents, can open doors to large-scale fraud. Authorities have ordered forensic audits and are tracking fund flows and document trails across the bank and its associates to uncover the full extent of the scam.
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