Sheetal Tejwani, the key accused in the controversial Rs 300 crore Koregaon Park land deal currently making headlines, has a notorious history of financial fraud that dates back several years. Investigations reveal she and her husband were involved in a massive Rs 60.7 crore loan scam that ultimately led to the collapse of Pimpri's Seva Vikas Cooperative Bank.
The Shocking Loan Fraud Details
According to official documents and activist claims, Tejwani and her husband Sagar Suryavanshi obtained 10 separate loans totaling Rs 60.7 crore from Seva Vikas Cooperative Bank between 2018 and subsequent years. The couple employed brazen methods to secure these loans, including submitting completely fabricated documents.
Activist Dhanraj Aswani, who filed RTI applications to uncover the fraud, revealed one of the most shocking aspects: "For purchasing a Mercedes worth Rs 5 crore, the couple submitted the number plate of a scooter as documentation." Verification with the Regional Transport Office confirmed the number plate indeed belonged to a scooter rather than the luxury vehicle they claimed to be purchasing.
The fraudulent activities didn't stop there. The couple also secured a Rs 20 crore loan for a house in Koregaon Park that investigation revealed didn't exist as described. "They took out a loan for a lawn in the Koregaon Park area. When we reached the spot, we found only a wall existed, no lawn," Aswani alleged.
Investigation and Legal Consequences
The massive fraud came to light after whistleblowers Dhanraj Aswani and S Aswani lodged formal complaints with the Chief Minister and Cooperative Minister in 2016. This prompted an official audit in 2017, whose report released in 2019 exposed irregularities in loan disbursements amounting to ₹429 crore across 124 non-performing accounts.
The Enforcement Directorate took serious note of the case and arrested Sagar Suryavanshi in June 2023 under the Prevention of Money Laundering Act. In their official statement, the ED clarified that "Sagar Suryawanshi and his relatives (wife) were found to have defrauded the bank to the tune of Rs 60.67 crore in 10 NPA loan accounts. He obtained loans in connivance with the bank chairman and without having sufficient creditworthiness."
While Suryavanshi faced arrest, Sheetal Tejwani managed to secure anticipatory bail and avoided imprisonment. This development frustrated activists who had hoped both would face equal consequences for their actions.
Systemic Collapse and Public Impact
The fraud had devastating consequences for the bank and its depositors. The Reserve Bank of India appointed an administrator in 2021 due to concerns about the bank's functioning and deteriorating financial health. Ultimately, in October 2022, the RBI cancelled the bank's license entirely.
Former Pimpri-Chinchwad deputy mayor Dabbu Aswani revealed the human cost: "All 28 bank branches closed down. The bank had 1 lakh depositors. The RBI had ordered that the depositors be refunded up to a ceiling of Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation."
Activist Dhanraj Aswani expressed frustration at the broader systemic issues, alleging that the then chairman and 18 directors have been accused of defrauding the bank, but only two have been arrested so far. He claimed that officials from various government agencies, including police, supported the accused in the case.
The case takes on added significance given Tejwani's current involvement in the controversial Rs 300 crore Koregaon Park land deal allegedly linked to Deputy Chief Minister Ajit Pawar's son Parth. As Aswani grimly noted, "Had Tejwani stayed in jail, the Koregaon land scam would not have occurred."
