In a significant development in the ongoing affordable housing scam, the Economic Offences Wing (EOW) of the Mumbai Police has traced and frozen Rs21.34 crore in demat accounts held by Purushottam Chavan—husband of IPS officer Rashmi Karandikar—and his mother, Urmila Chavan.
EOW sources confirmed that the demat accounts, maintained with Motilal Oswal Financial Services Ltd, were used to route funds collected from victims under the guise of providing flats through the government quota at discounted prices. The scam involved a total defrauded amount of Rs24.74 crore, with Rs21.34 crore transferred into these two accounts after initial deposits into private bank accounts.
Following the discovery, EOW issued a letter to Motilal Oswal on June 25, 2025, to freeze both accounts, which was promptly acted upon on June 26, 2025.
Detailed probe revealed that between February 2018 and July 2023, Chavan transferred a total of over Rs21 crore into his own and his mother’s accounts. Specifically, Rs4.5 crore was transferred into his account from February 2018 to October 2022, Rs16.58 crore between November 2017 and July 2023, and an additional Rs2.63 crore into his mother’s account from July 2023 to 2024.
The investigation continues as authorities track the complete money trail and await further leads.
