Mumbai: Fraudsters Pose as Bank Officials to Cheat Real Estate Developer of Rs 11 Lakh

Fraudsters posing as key officials at the Canara Bank branch in Bandra-Kurla Complex (BKC) managed to trick a real estate developer out of Rs 11 lakh in cash. The incident occurred on the pretext of sanctioning a Rs 100 crore loan, and the fraudsters fled the scene wearing a jacket marked 'police'.

The real estate developer, Sanjay Mishra, was approached by an individual named Sanjay Pandey, who claimed he could arrange large loan approvals. In September 2025, Mishra, who required a Rs 100 crore loan, contacted Pandey through an intermediary. Pandey initiated the loan process and sent a fake loan sanction letter, stating that the amount had been approved by Canara Bank's BKC branch.

Pandey demanded 10% of the loan amount as processing fees, which amounted to Rs 10 crore. However, Mishra found this sum to be too high and expressed his inability to pay. Pandey then offered a Rs 20 crore loan and demanded Rs 11 lakh as fees. He claimed to be in Lucknow and requested an air ticket to Mumbai.

On December 11, Jay Shah, posing as a bank manager of Canara Bank, along with Pandey, met Mishra inside the bank lobby. They took Rs 11 lakh in cash from Mishra, claiming it was for preparing loan documents. When Shah and Pandey did not return after a long time, inquiries were made with bank staff, who confirmed that no manager by the name of Shah was employed at the branch. Shortly thereafter, Pandey's mobile phone was found to be switched off, confirming the fraud.

The BKC police have registered a case and are investigating the matter. Police have identified the accused duo as Jay Shah and Sanjay Pandey. According to a police officer, the accused were captured on the bank's CCTV cameras, and the footage has been handed over to the police for investigation. The bank never takes cash for loan approvals, and name boards of bank managers are displayed clearly, with nameplates on every staff desk.

Chief Manager of Canara Bank, Ganga Ram Mishra, stated, 'The fake bank manager escaped wearing a jacket marked 'police' while carrying Rs 11 lakh in cash. We urge citizens to verify all details with the bank before making any cash or cheque transactions.' The bank is cooperating fully with the police to trace the accused and bring them to justice.