Real Estate Mumbai

CBI Books Pune Realty Firm, Ex-SBI Manager in ₹32 Crore Loan Fraud

By GeoSquare News Desk · Published 2026-10-17

The Central Bureau of Investigation (CBI) has initiated a probe into an alleged ₹32 crore loan fraud involving a Pune-based real estate firm. The agency's Mumbai Economic Offences Branch has booked the company, its partners, and a former State Bank of India (SBI) chief manager for allegedly cheating the bank through fraudulent loan disbursals.

The Allegations

According to the preliminary inquiry, the accused are suspected of submitting forged documents and inflated project valuations to secure loans from SBI. The former branch manager is alleged to have facilitated the sanction and disbursal of funds without following due diligence norms. The fraud came to light during an internal audit, following which the bank lodged a complaint with the CBI.

Impact on Maharashtra Real Estate

This case adds to the growing scrutiny of lending practices in the Maharashtra real estate sector. For property buyers and investors, it underscores the importance of verifying a developer's financial credibility before investing. Projects that rely heavily on bank funding may face delays or cost overruns if such irregularities surface.

What Buyers Should Do

Industry experts advise buyers to check the project's legal approvals, land title, and the developer's track record. They should also confirm that the project is registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) and that the developer's disclosures match the actual site status. In cases of fraud, buyers can approach the authorities, but prevention through due diligence remains the best safeguard.