The BKC police arrested 35-year-old Sandesh Jawale on Saturday for allegedly defrauding around 25 people of approximately Rs100 crore. Jawale's modus operandi involved promising people discounted flats that were supposedly being sold by banks in auctions.
The court has remanded him to police custody until October 5.
According to the police, Jawale, a resident of Kalyan, operates a real estate company named 'Quick Deals'.
A police officer reported, “He targeted individuals seeking flats or commercial spaces. His criminal operation extended beyond Mumbai to Navi Mumbai, Thane and Kalyan.”
He promised his victims that he would secure loans on their behalf but instead diverted the funds for his own use.
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His fraudulent activities were uncovered when a complainant alleged that Jawale had swindled him out of Rs50 lakh for purported office space in BKC. The police are currently investigating whether any bank employees were involved in this scam.
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A few months ago, a victim shared a post on social media stating, “Sandesh Jawale and his wife Sheetal Jawale are Bunty and Babli. This couple defrauded many individuals under the pretence of providing flats at low prices.”