Vadodara: The investigation into the alleged fraud involving mortgaged land worth approximately ₹300 crore in Vadodara’s Manjalpur area has taken a fresh turn, with the Vadodara Crime Branch registering a third First Information Report (FIR) against three individuals, including Ahmedabad-based builder Bhavesh Nareshchandra Amin. The complaint was filed by Unity Small Finance Bank Ltd., which alleged that unauthorised transactions worth several crores were carried out on the mortgaged property without the bank’s approval, resulting in significant financial losses and the creation of third-party rights over the land.
According to the complaint, the then Punjab and Maharashtra Co-operative Bank Ltd., now operating as Unity Small Finance Bank Ltd., sanctioned an ₹80 crore loan in 2019 after accepting the Tensile Company land as collateral. Under the terms of the mortgage agreement, the property could not be sold, transferred, leased or subjected to any transaction without the bank’s prior written consent.
The bank alleged that after the borrower defaulted on the loan, the parties entered into a one-time settlement valued at ₹49 crore. Of this amount, ₹18 crore has reportedly been paid, while ₹31 crore remains outstanding. Despite the pending dues, portions of the mortgaged property were allegedly transferred and third-party rights were created without the bank’s knowledge or approval.
The FIR names Bhavesh Nareshchandra Amin, owner of Shreem Construction in Ahmedabad, Amit Mukeshbhai Shah, director of PSC Buildcon Pvt. Ltd. and Padmavati Buildcon Pvt. Ltd., and Apoorva Dineshbhai Patel, director of Siddhi Vinayak Developer in Vadodara, as accused. Investigators are examining their respective roles and the legality of the transactions carried out in connection with the mortgaged property.
The complaint further alleges that land valued at approximately ₹13.11 crore was transferred in the name of a housing scheme. In addition, a lease deed was reportedly executed even though the property remained under mortgage with the bank. According to the complainant, these actions compromised the bank’s security interest and violated the terms governing the mortgaged asset.
Investigators are closely scrutinising two major transactions with a combined value of about ₹15.05 crore. The bank alleges that these transactions were executed without its knowledge or consent, resulting in financial losses and creating third-party interests in the mortgaged land. Police are analysing financial records, transaction documents and the movement of funds to determine the extent of the alleged irregularities.
The case relates to nearly one million square feet of Tensile Steel Company land in Vadodara’s Manjalpur area, estimated to be worth around ₹300 crore. The property has been at the centre of multiple complaints involving alleged irregular lease agreements and disputed ownership transfers. Authorities also allege that a disputed lease deed was executed and control of the property was handed over to an Ahmedabad-based builder despite legal restrictions on the transfer of the land and a High Court order prohibiting such transactions.
The Vadodara Crime Branch is continuing its investigation by examining documentary evidence, banking records, financial transactions and the role of the companies and individuals involved. Investigators believe that further scrutiny may reveal additional aspects of the alleged land fraud and identify other persons who may have played a role in the case. Legal proceedings are continuing.
