23 December,2025 08:33 AM IST | Mumbai | Shirish Vaktania
Canara Bank in BKC. PIC/BY SPECIAL ARRANGEMENT
Inside the Canara Bank branch at the Bandra-Kurla-Complex (BKC), fraudsters posing as a bank manager and an agent cheated a real estate developer of Rs 11 lakh in cash on the pretext of sanctioning a Rs 100 crore loan.
After exiting the bank, the accused allegedly wore a jacket with "police" written on it in order to escape. Following the incident, the BKC police have registered a case and have launched an investigation into the matter. Police have identified the accused duo as Jay Shah and Sanjay Pandey. Police said that the FIR was registered based on a complaint filed by Seema Hoval, 49, an employee of Urban Finance Private Limited, who prepares loan files for approvals from banks. According to the police, the incident occurred on December 11.
A police officer said, "The complainant [Hoval] came in contact with Pandey through two other agents. Pandey told her that he could arrange approval of large loan amounts. In September 2025, a developer, Sanjay Mishra, required a loan of Rs 100 crore and contacted Hoval through an agent."
"Acting as an agent for the bank, Pandey initiated the loan process and sent a fake loan sanction letter claiming that a Rs 100 crore loan had been approved by the Canara Bank [BKC branch]. He demanded 10 per cent of the amount as processing fees. However, Mishra expressed his inability to pay such a large sum. Pandey then offered a Rs 20 crore loan and demanded Rs 11 lakh [in fees] for the same. Pandey claimed he was in Lucknow and asked for an air ticket to Mumbai," the officer added.
Another police officer said, "On December 11, Shah, posing as a bank manager of Canara Bank, along with Pandey, met with Mishra inside the bank lobby and took Rs 11 lakh in cash from the victim on the pretext of preparing loan documents and later fled. When Shah and Pandey did not return for a long time, enquiries were made with bank staff, who clarified that no manager by that name was employed at the branch. Shortly thereafter, Pandey's mobile phone was found to be switched off, confirming the fraud."
"We are viewing CCTV footage to trace the accused. The accused took an auto rickshaw outside the bank after committing the fraud and fleeing the scene. We have registered the FIR and are tracing the accused," said the officer.
Chief Manager of Canara Bank, Ganga Ram Mishra, said, "The accused were captured on the bank's CCTV cameras, and the footage has been handed over to the BKC police for investigation. The bank never takes cash for loan approvals. Name boards of bank managers are displayed clearly, and nameplates are placed on every staff desk. Many customers visit the bank daily for official work. The fake bank manager escaped wearing a jacket marked âpolice' while carrying Rs 11 lakh in cash. We urge citizens to verify all details with the bank before making any cash or cheque transactions."
