Mumbai Crime: FIR Filed Against Former PMC Bank Officials, Builders In ₹14.5-Crore Property Fraud Case Linked To 2018 Deal
Mumbai: The Bhandup police have filed an FIR against Subham Commercial Enterprises Pvt. Ltd., its directors Nimit Laxmichand Kheda, Ruchik Laxmichand Kheda, Laxmichand Damji Kheda, as well as former Managing Director Joy Thomas and former Chief Manager Kamaljit Kaur Banwet of Punjab and Maharashtra Co-operative Bank (PMC Bank), in connection with an alleged Rs 14.5 crore fraud involving a property transaction.
Unity Bank Flags Fraudulent Deal Post PMC Bank Merger
According to the FIR, the complaint was lodged by Vijayakumar, 48, Senior Vice President (Head, Special Asset Units) at Unity Small Finance Bank, where he has been working since November 1, 2021.
Unity Bank, which had absorbed PMC Bank following RBI directives in January 2022, had granted Vijayakumar power of attorney on June 14, 2022, to investigate and take action on complaints regarding fraudulent transactions.
Audit Traces Fraudulent Transaction to 2018 Deal
The case traces its roots to 2019, when a financial irregularity involving PMC Bank and Housing Development and Infrastructure Ltd. (HIDIL) came to light. Unity Bank subsequently began reviewing PMC Bank’s operations.
During the audit, Unity Bank’s administrative team discovered documents related to a 2018 property deal between PMC Bank and Subham Commercial Enterprises Pvt. Ltd.
PMC Bank’s Alleged Irregularities in Property Purchase
At the time, PMC Bank’s corporate office was located at Dreams Mall, LBS Road, Bhandup West. Joy Thomas was the Managing Director, and Kamaljit Kaur Banwet was his secretary and Chief Manager.
The alleged irregularities date back to 2018 when PMC Bank intended to acquire property in New Panvel to set up a new branch and back office.
For this, the bank signed an agreement with Subham Commercial Enterprises Pvt. Ltd., which was then constructing a commercial building on plots 1 and 3, Sector 11, New Panvel.
As per the Memorandum of Understanding (MOU) signed on March 16, 2018, the bank agreed to purchase three ground-floor shops (500 sq. ft. each) and 30 offices (7,000 sq. ft.) spread across the 3rd to 6th floors for a total price of Rs 15 crore.
Failure to Deliver Property and Refund Advance Payment
The company, currently managed by Nimit and Ruchik Kheda, had its registered office in Big Splash, Sector 17, Vashi. An initial payment of Rs 9.5 crore was transferred on the day of signing, and Rs5 crore was to be paid after the sale deed.
The MOU stipulated that possession of the properties would be handed over to the bank by June 30, 2018, failing which the advance amount had to be refunded.
However, Subham Commercial Enterprises failed to deliver possession within the stipulated timeline. Despite repeated reminders through phone calls and letters from PMC Bank, including a formal letter sent on September 8, 2020, the company did not refund the amount paid.
The company claimed that submission of certain construction documents was not required under the agreement. Subsequent letters from the bank in October and November 2020 requesting repayment of Rs 9.5 crore also went unanswered.
Inspection Reveals Incomplete Building and Violations
An on-site inspection in August 2024 revealed that the building was incomplete and construction had been halted. Further demand notices were sent on September 8 and 15, 2025, but no response was received from Subham Commercial Enterprises.
Investigations revealed that the PMC Bank officials involved had allegedly bypassed required RBI and central registrar permissions for branch expansion, violating bye-laws, which caused financial losses to the bank.
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Officials Accused of Facilitating Fraudulent Deal
However, the FIR alleges that the bank officials, including Joy Thomas and Kamaljit Kaur Banwet, bypassed these regulations while executing the property deal. Their actions allegedly facilitated financial gain for Subham Commercial Enterprises and caused losses to PMC Bank amounting to Rs 14.5 crore.
Police Probe Underway
Police investigations are ongoing, and the accused are likely to be called for questioning soon.
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