In the ₹6.68 crore fake loan fraud linked to Pusad Urban Cooperative Bank, the crime branch has arrested branch manager Lalit Dandekar, becoming the second key suspect to be held. The first arrest was made earlier in the investigation when Sharad Maind, chairman & managing director of the bank, was apprehended.
The First Firm to Assess Your DFIR Capability Maturity and Provide DFIR as a Service (DFIRaaS)
How the Fraud Was Carried Out
According to investigators, the scam involved misuse of identity documents, inflated loan proposals, and collusion within the bank. One victim, Chandrasen Yadav, had been sanctioned a loan of ₹1.56 crore with guarantors using Aadhaar and PAN cards. Investigators allege that Maind manipulated those documents and approved multiple fraudulent loans from Bharati Maind Credit Cooperative Society, from which the funds were diverted. Dandekar, in his role as branch manager, is accused of facilitating and endorsing these unlawful transactions.
Arrest, Custody & Ongoing Probes
Following Maind’s detention, police traced Dandekar’s involvement through digital trails, call records, and document links. On October 1, both were remanded to police custody until October 4, as the investigation deepens. In parallel, police are probing connections between the scam and the suspicious death of government contractor P.V. Verma, whose suicide earlier this month is drawing scrutiny for possible links to the fraudulent network.
Wider Implications & Institutional Risk
This case exposes vulnerability in cooperative banking structures when internal checks are compromised. Experts warn that collusion between senior officials and external agents, misuse of personal identity documents, and structural opacity can create fertile ground for large-scale frauds. Authorities have initiated forensic audits, tracing fund flows and document chains across the bank and its associates.
