A major ₹41 crore home loan fraud linked to the real estate sector has come to light in Vadodara, Gujarat, where police have arrested six accused for allegedly obtaining loans from multiple banks using forged property documents. The Crime Branch has identified real estate agent Nishit Ashokchandra Panchal as the alleged mastermind, who is believed to have fled abroad. Authorities have initiated the process of obtaining his passport details and are preparing to issue a Lookout Circular (LOC).
According to the complaint filed by Kaushik Ghanshyambhai Patel, the alleged fraud took place from August 2025 and involved properties belonging to Dharati Medrick County and Pacifica Lakeside Developers in the Bhayli area. Investigators allege that Nishit Panchal and his associates prepared forged sale deeds for flats owned by the complainant’s company without its knowledge or consent.
Police said the accused allegedly used forged signatures and fake official seals to register the fabricated sale deeds at the Akota Sub-Registrar’s Office. Based on these fraudulent documents, they allegedly secured home loans worth nearly ₹41 crore from several banks, including State Bank of India, Canara Bank, Union Bank of India, Bank of Baroda, Indian Bank, and Karnataka Bank. Investigators allege that the accused created bank charges on the properties without the company’s knowledge, resulting in substantial financial losses.
The Vadodara Crime Branch has arrested six accused in connection with the case and produced them before a court, which granted two days of police remand for further interrogation. The arrested accused have been identified as Maulik Bhaskarbhai Upadhyay, Parth Arjunbhai Suthar, Ankit Pankajbhai Patel, Harsh Kaushikbhai Patel, Chirag Jagdishbhai Tadvi, and Jigar Bhaskarbhai Joshi.
During the investigation, police discovered that the alleged mastermind, Nishit Panchal, had already left India. Officials are now collecting his travel and passport records and have begun the process of issuing a Lookout Circular to facilitate his detention if he attempts to re-enter the country.
Investigators also revealed that Nishit Panchal had previously been named in another alleged property fraud case involving approximately ₹4.75 crore. In that case, registered on May 28, he and several others were accused of fraudulently selling flats belonging to a builder in the Akota area. Police suspect that after learning about the complaint, Panchal left Vadodara with his wife and sister, travelled to Ahmedabad by road, and subsequently flew to Dubai.
Police believe the ongoing custodial interrogation of the arrested accused could uncover additional individuals involved in the alleged conspiracy and expose a broader network of forged property transactions and fraudulent bank loans. The investigation remains in progress.
