Mumbai EOW Arrests Ex-Konkan Railway Credit Society Chairman In ₹2.4 Crore Fake Loan Scam

Mumbai: The Mumbai Police’s Economic Offences Wing (EOW) has apprehended Abhijeet Deshmukh, former chairman of the Konkan Railway Region (Urban) Co-operative Credit Society Ltd, in connection with a ₹2.40 crore fraudulent loan scam. Deshmukh, who headed the credit society between 2020 and 2023, was arrested from Hingoli after remaining in hiding for over a month, officials said.

According to EOW sources, Deshmukh had switched off his mobile phone and fled to Parbhani and Hingoli in the Marathwada region. He was located and detained by EOW officers on Tuesday. “He will be brought to Mumbai tomorrow after obtaining a transit remand,” an official confirmed.

The case stems from a First Information Report (FIR) filed by Sachidanand Shetty, Managing Director of the society, at the Matunga Police Station. The FIR names Deshmukh, 48 fake loan beneficiaries, and several society employees, alleging criminal conspiracy and large-scale fraud.

Investigations revealed that Deshmukh misused his position to approve loans intended exclusively for employees of Konkan Railway. Instead, loans were sanctioned in the names of fictitious employees using forged identity and employment documents.

These fake credentials were submitted to the New India Co-operative Bank, Mumbai, as part of the loan processing. The total amount fraudulently disbursed reached ₹2.40 crore, none of which has been recovered so far.

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