Searches at 12 Pune Locations; Fake Documents Used to Buy BMW, Mercedes, Land Rover
Mumbai/Pune – The Directorate of Enforcement (ED), Mumbai Zonal Office, has conducted extensive search operations on 25–26 November 2025 under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a major vehicle loan fraud at the State Bank of India (SBI), Pune.
Searches were carried out at 12 residential and office premises linked to loan borrowers, automobile dealers and the then SBI branch manager, all accused of orchestrating a multi-crore car loan scam using forged documents.
The money-laundering probe stems from FIRs registered by the CBI ACB, Pune, and the Shivajinagar Police Station, under multiple sections of the IPC, 1860, and the Prevention of Corruption Act, 1988.
Senior SBI Official Allegedly Colluded With Loan Counsellor and Borrowers
According to ED, the fraud took place between 2017 and 2019, when Amar Kulkarni, the then Chief Manager of SBI’s University Road Branch, allegedly misused his official position to facilitate high-value fraudulent car loans.
The investigation revealed that Amar Kulkarni and Aditya Sethia, Auto Loan Counsellor at SBI, Pune, along with several borrowers, entered into a criminal conspiracy to cheat the bank by fraudulently processing vehicle loans.
Borrowers allegedly submitted forged income proofs, fabricated bank statements, and fake quotations. These falsified documents were accepted without due verification. In several cases, loan proposals violating SBI’s lending norms were processed, recommended and approved by the accused branch manager.
Fake Quotations, Inflated Values, and Improper Loan Approvals
ED’s probe uncovered several systemic irregularities:
- Borrowers availed high-value car loans on the basis of forged and fabricated documents.
- Car dealers allegedly issued fake and inflated quotations, artificially increasing the cost of vehicles.
- These inflated values were used to secure higher loan amounts, including unjustified margin money.
- Amar Kulkarni allegedly processed and approved these proposals without verifying the authenticity of the supporting documents.
This fraudulent ecosystem enabled borrowers to purchase luxury vehicles—BMW, Volvo, Mercedes, Land Rover, among others—using illegitimate loan proceeds.
Luxury Cars, Properties and Incriminating Documents Seized
During the two-day search operation, ED teams seized and identified extensive assets linked to the fraud. The searches resulted in:
- Seizure of several high-end luxury cars under Section 17 of PMLA, 2002
- Identification of multiple immovable properties purchased by loan beneficiaries
- Recovery of incriminating documents exposing the money trail
- Seizure of digital devices, hard drives, financial records and proof of fraudulent transactions
ED believes the network functioned as a coordinated syndicate involving borrowers, intermediaries and bank officials, causing significant financial losses to SBI.
Ongoing Investigation May Trigger More Action
According to ED, the fraudulent loan racket is complex and deep-rooted. Evidence suggests the involvement of:
- Car dealers
- Loan facilitators
- Document forgers
- And other supporting intermediaries
Financial investigators are now mapping the fund trail, car purchase transactions and links between sanctioned loans and assets acquired by the accused.
The agency has stated:
“Further investigation is under progress.”
This indicates that more arrests, property attachments and financial seizures are expected as the probe expands.
