Three booked for cheating bank to the tune of Rs 44 lakhs

Three persons including a city developer have been booked for allegedly cheating a co-operative bank to the tune of around Rs 44 lakhs, police said today.
The trio identified as Ajay Pavan Dhavan, developer Ganesh Wagh (of Mangalam Constructions) and Nagesh Jadhav (Wagh's partner in the firm) were booked under sections 420 rw 34 of the IPC but no arrest has been made so far in the case, they said.
According to police, Dhavan had in 2011 sought a loan for Rs 50 lakh from a Vasai-based co-operative bank for a flat he had purchased from Mangalam Constructions.
After the bank sanctioned the loan amount, the applicant paid some instalments but later defaulted.

Subsequently, the bank upon enquiry came to know that Sri Wagadh Jainam Trust had purchased the same property in February 2012 from the construction firm following which a case was registered.
Incidentally, Ganesh Wagh happens to be the brother of Sena corporator Mahesh Wagh.