Loan facilitation and government contract hype, case of 20.58 crore scam

City News Mumbai/Gani Khan

Bhiwandi: A case of alleged fraud amounting to 20.58 crore rupees has emerged, wherein a textile company was deceived by promises of securing loans for factory expansion and contracts for supplying school uniforms to various state governments. Konkan Police has registered a case against four named accused and others and has begun an investigation. No arrest has been made so far.

According to the police, the complaint was filed by Tushar Pramodchand Gosarani (41), the director of Bur Textile Limited. The complaint alleges that between 2020 and December 2025, the accused exploited the company's need for financial assistance due to internal expansion and losses incurred during the COVID period.

The allegation is that the accused assured the company of securing loans and obtaining contracts for supplying school uniforms to various state governments. As security for the loan approval, they also took signed blank checks, letterheads, and documents from the company.

According to the complainant, without securing the loan, the accused allegedly took a total of 20,58,42,760 rupees, comprising 2.95 crore rupees in cash and 17,63,42,760 rupees via bank transfer. Subsequently, the money was allegedly misused, leading to fraud against the company.

Konkan Police has registered the case under sections 318(4), 316(5), 336(2), 338, 340(2), 351(2), 61(2), and 3(5) of the Indian Penal Code. The investigation is being conducted by Police Inspector Dhanyanjay Devdikar.