Family Alleges Fraud Over Rs 13L Loan Taken in Deceased Father’s Name
A Qatar-based Indian national has filed a complaint with the Reserve Bank of India (RBI) against SBFC Finance, accusing the firm of sanctioning a Rs 13 lakh home loan in his late father’s name using forged documents.
Mortgage FraudLoan FraudRbiSbfc FinanceIcici BankReal Estate MumbaiJul 07, 2025
According to the complainant, Ayaz Parkar, the issue came to light in January 2024, just a month after the death of his father, Abdulwahab Parkar, 66, when recovery agents from SBFC Finance visited their Kalina residence demanding EMI payments and threatening property seizure. “We were completely unaware of any such loan taken by my father,” Ayaz told mid-day from Qatar. “When we contacted SBFC and ICICI Bank Home Loans for documents, what we received was horrifying.”
The paperwork listed a proprietorship firm named Green Bags as the loan applicant, with Abdulwahab, Ayaz’s brother, Ahmed Parkar, and his sister-in-law as co-applicants. Aadhaar and PAN cards were attached, but Ayaz alleges the signatures were forged. His brother, he says, was residing in Qatar between May and June 2022, when the loan was sanctioned, making any physical signing impossible. “How could a Rs 13 lakh loan be approved on the same day as the application, without KYC or physical verification?” he asked.
Ayaz pointed out that while Aadhaar records showed Mira Road and Ratnagiri addresses for the co-applicants, the loan documents listed a Santacruz address. Even the mobile number on the application was unfamiliar; it belonged to a man named Yogesh Pawar, who was cited as a reference. “This wasn’t negligence; this was a well-planned scam,” Ayaz alleged.
The loan statement showed that an insurance premium had been deducted from Abdulwahab’s account on May 31, 2022, for a policy issued by an insurance firm. Ayaz’s brother obtained a copy of the policy and asked that the insurance be used to settle the loan after Abdulwahab’s death. However, Ayaz claims SBFC instructed the insurance company to cancel the policy, citing a “technical error.” Simultaneously, the name of the brother, who was originally listed as a co-applicant, was quietly removed from the records after they raised the forgery issue. Although Ayaz lodged a complaint via the Insurance Regulatory and Development Authority’s Bima Bharosa portal, the insurance regulator closed the matter without taking action.
Since raising the complaint, Ayaz says the family — particularly his sister-in-law — has faced harassment from recovery agents. “They repeatedly visit our Santacruz home, where only women live, and issue threats. One officer even told us to surrender the flat but refused to give anything in writing,” he said.
Ayaz filed a formal complaint with the RBI in November 2024. The reply came two months later in January: “Complaint is under process.” An RTI reply in April (No. RBIND//E/25/01901) produced the same vague response. ICICI Bank Home Loans, while listed as the co-lender, has denied responsibility and redirected all queries to SBFC.
“This isn’t just a loan issue — it’s a systemic failure that allows private financiers to exploit families through forgery and loopholes,” Ayaz said. His lawyer issued a legal notice to SBFC in December 2024. A second notice followed on June 26, 2025. “If we don’t receive a satisfactory reply, we will file a police complaint against both SBFC and ICICI Bank Home Loans for forgery and harassment,” Ayaz added. He also claims SBFC Finance blocked him on Facebook and Instagram after he publicly exposed their alleged practices.
In a statement to mid-day, SBFC Finance said, “Our internal investigation confirmed that the loan documents were signed by the late Abdulwahab Ahmad Parkar and his daughter-in-law. We found misrepresentations during the loan process and have reported this case as fraud against the company. We possess detailed evidence, including photographs and videos of the applicants signing the papers. We are filing a fraud complaint against the daughter-in-law with the RBI.”
A spokesperson for ICICI Bank Home Loans stated, “This loan pertains to our co-lending partner. As per industry norms, sourcing and verification are their responsibility. We have been informed that the documents were duly signed by Parkar and the co-applicant. A declaration was also submitted by Ahmed Parkar confirming that his wife signed the papers and his father presented them. It’s worth noting that the family continued servicing the loan even after his death.”
Frequently Asked Questions
What is the amount of the loan in question?
The loan amount in question is Rs 13 lakh.
Who has filed the complaint with the RBI?
Ayaz Parkar, a Qatar-based Indian national, has filed the complaint with the Reserve Bank of India (RBI).
What are the discrepancies found in the loan documents?
The discrepancies include forged signatures, incorrect addresses, and an unfamiliar mobile number belonging to a man named Yogesh Pawar.
What actions have been taken by the family?
The family has filed a formal complaint with the RBI, issued legal notices to SBFC Finance, and threatened to file a police complaint.
What is SBFC Finance's response to the allegations?
SBFC Finance claims that their internal investigation confirmed the loan documents were signed by the late Abdulwahab Ahmad Parkar and his daughter-in-law. They have reported the case as fraud against the company and possess detailed evidence, including photographs and videos.
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