MBVV Police Cracks Down on Multicrore Financial Fraud: 246 Vehicles Seized, 29 Bank Accounts Freezed, 2 Arrested

Photo of Vehicles Seized by Mbvv Police and Prime Accused Sandip Kandalkar

Mira Bhayandar: The Crime Detection team of Kashimira Police Station attached to Mira Bhayandar Vasai Virar Police Commissionerate has made a significant breakthrough in a Multicrore financial fraud case, arresting two out of nine individuals, including the main accused, Sandip Suresh Kandalkar (49) , resident of Dapoli (Ratnagiri), and seizing 246 motor vehicles worth approximately Rs. 25 crores.

The Modus Operandi

The accused, operating under a fake name, Raju Rajeev Joshi, would book new cars in the names of investors at showrooms and then hire them out at airports and JNPT ports for rent. Initially, they would deposit rental amounts into the investor's bank accounts to gain their trust. However, they would later default on payments and defraud them financially.

Investigation and Arrests

The police investigation, led by Police Inspector Shital Mundhe, revealed that Kandalkar, along with his accomplice Sachin Sunil Tetgure (33), resident of Dapoli (Ratnagiri), Directors of Bhavani Overseas, Divyata Chandrakant Mhatre (26) & Rohan Dharmaji Mhatre (35), both resident of Penkarpada (Mira Road), Pravin Shankar Telang (44), resident of Raigaon (Bhayander), Vaishali Vijay Dhuri (47), resident of Charkop (Mumbai), Nilesh Pandurang Shinde (38), resident of Mantuga East (Mumbai), Babu Maruti Awad (49), resident of Juigaon (Navi Mumbai) had defrauded approximately 1375 investors to the tune of Rs. 20.60 crores. The main accused Kandalkar has been found to have registered 13 cases of fraud and embezzlement across Mumbai, Navi Mumbai, Pune, Nashik, and Bharuch.

Organized Crime

The accused has been additionally charged with serious sections like 'Organized Crime' under Section 119 (2) (b) of the Bhartiya Nyay Sanhita Act, 2023, as the investigation revealed that the financial fraud had been committed over the last 10 years. This charge reflects the seriousness of the offense and the accused's alleged involvement in a prolonged and complex criminal operation.

Seizure of Vehicles

During the investigation, the police seized 246 motor vehicles, including pickup tempos and cars, worth approximately Rs. 25 crores. Apart from these, 29 bank accounts has been freezed till now, said a senior police official. The amount of stolen vehicles and fraud is likely to increase as more witnesses come forward.

Following is the list of crimes previously registered  against Sandip Suresh Kandalkar.

Public Appeal

The police have issued a public appeal, cautioning citizens against financial fraudsters who promise high returns on investments. They advise citizens to be vigilant and ensure they are not financially defrauded while making any investment.

The investigation is being conducted under the guidance of Mbvv Police Commissioner Madhukar Pandey, with Deputy Commissioner of Police Prakash Gaikwad overseeing the case. Additionally, Assistant Commissioner of Police Vijaykumar Marathe and Senior Police Inspector Rajendra Kamble of Kashimira Police Station are supervising the investigation.