Saoli police arrested a person for defrauding a cooperative bank to the tune of Rs 1 crore. Rajesh Vasantrao Rainchwar, 55, was arrested in Saoli after two-and-a-half years after he was reported absconding. He fled after borrowing Rs 1 crore from Shree Kanyaka Nagarik Sahakari Bank, Mul in Chandrapur district.
The accused had taken a loan from the bank in his wife’s name allegedly by submitting fake documents. The loan was taken in the name of Sarita Rajesh Rainchwar and Rajesh was the guarantor. The loan was taken allegedly in connivance with a bank valuer Sachin Chintawar.
When Rainchwar failed to repay the loan instalments, the property mortgaged was verified. The documents submitted by him were found to be fake. The property he had mortgaged based on fake documents was not in Rainchwar’s name. A complaint was lodged with Saoli Police Station.
Sarita Rainchwar and valuer Chintawar were granted bail by the court. But the main accused in the case Rajesh was absconding for over two years.
Based on information received by the police that Rajesh is in Saoli and is vising a hotel, Saoli police pounced upon him and arrested him. He was then handed over to the Economic Offences Wing of the Saoli Police.
Rajesh Rainchwar applied for a loan of Rs 75 lakhs on March 10, 2016. He had submitted documents along with loan applications etc. He again applied for a loan of Rs 50 lakhs on December 7, 2016, of which Rs 25 lakhs were sanctioned and disbursed. He repaid the loan instalments for a brief period. He ignored notices issued by the bank for non-payment of loan instalments. The Bank then started the procedure of seizure of the property mortgaged for obtaining the loan. The documents relating to the property were found to be fake. Even the valuer Chintawar could not provide a satisfactory reply to the enquiry about the documents. The Bank then lodged a complaint with the police.
Finally, the main accused in the case Rajesh Rainchwar was arrested by Saoli Police.