Two businesspeople have been charged by the Samta Nagar police with cheating a bank of Rs1.2 crore by submitting fictitious documentation for an apartment in order to get a loan. Ananda Powar and Sonali Powar are the accused, and they are now evading capture. To find them, police have started a manhunt.

Rakesh More, a senior executive at a reputable bank’s Kandivali branch, submitted a complaint alleging that the scam was discovered during loan recovery procedures. According to More, a Borivali resident, Sonali Powar was the owner of “Sanskar Agro Products,” a business that had a current account with the bank. She had filed for a business loan three years before and provided documentation of her apartment as security. A loan of Rs1.2 crore was approved by the bank after these papers were verified.

Sonali Powar paid back a few installments at first, but she eventually stopped making payments. The bank repeatedly sent her notifications, but she didn’t reply. As a result, the bank took measures to take her apartment. But as the procedure progressed, bank authorities found that the papers she had sent in were fake. After further research, it was discovered that Ananda Powar had helped her commit this scam.

Rakesh More filed a complaint at the Samta Nagar Police Station after learning of the information. The police filed a complaint against Ananda Powar and Sonali Powar under many fraud and forgery provisions after an initial investigation.

The accused is now being sought by the police, and further inquiries are being conducted.