The Maharashtra Crime Investigation Department (CID) has arrested Shital Tejwani, an accused in Pune’s controversial Mundhwa land deal, in connection with an earlier loan default and fraud case involving Seva Vikas Cooperative Bank in Pimpri-Chinchwad, officials confirmed.
Tejwani had acted as a power of attorney holder in the disputed Rs 300-crore Mundhwa land transaction, which surfaced late last year. The land, allegedly government-owned, was sold to Amadea Enterprises LLP, a firm in which Parth Pawar, son of Maharashtra Deputy Chief Minister Ajit Pawar, is a partner.
Already lodged in judicial custody for the land deal case, Tejwani was formally arrested in the bank fraud case on Monday. A court has remanded her to police custody until January 6.
According to CID officials, Tejwani allegedly defaulted on loans exceeding Rs 7.25 crore, which later escalated to Rs 20.49 crore, including interest. Investigators claim she took multiple loans for vehicle purchases and business expansion but diverted the funds for unauthorised purposes.
Police stated that a Rs 3 crore loan intended for purchasing a luxury Range Rover was allegedly used to buy a second-hand Lamborghini. Another Rs 2 crore loan meant for business expansion was reportedly transferred to a co-accused’s account, while an additional Rs 2.25 crore vehicle loan was diverted to another accused’s savings account.
The investigation also revealed that the Lamborghini was never officially registered with the Regional Transport Office (RTO), and a fake registration certificate was allegedly created.
This case forms part of a broader loan scam at Seva Vikas Cooperative Bank, where loans worth Rs 238 crore turned into non-performing assets (NPAs). Authorities have identified 104 loan accounts linked to 67 borrowers, with outstanding dues amounting to Rs 436.98 crore, including interest. Officials noted that Tejwani alone defaulted on six loan accounts.
