Crores Siphoned in Bhandari Bank Property Scam
• Bank Land Sold in Secret Deals
• No Action from Co-op Chief
• Whistleblowers Demand CBI Probe
Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098
Sprouts News Exclusive
Contact: +91 9322755098
Sprouts SIT has exposed a major scam in Bhandari Co-op Bank where Liquidator Rakhi Gawade and Recovery Officer Nazim Virani illegally sold prime bank properties in Goregaon and Bhandup. Despite repeated complaints, the Cooperative Commissioner took no action. Whistleblowers allege high-level corruption and demand a CBI-led investigation.
Massive Bank Property Scam Rocks Mumbai: Sprouts SIT Exposes Illegal Sale by Recovery Officer and Liquidator
Sprouts News Investigation Team (SIT) uncovers massive property scam involving corrupt recovery officer Nazim Virani and liquidator Rakhi Mangesh Gawade. Bhandari Bank’s prime assets in Goregaon and Bhandup sold illegally, triggering calls for immediate government action.
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Contents
- Crores Siphoned in Bhandari Bank Property Scam
- Massive Bank Property Scam Rocks Mumbai: Sprouts SIT Exposes Illegal Sale by Recovery Officer and Liquidator
- Illegal Property Sale at Bhandari Co-op Bank: Sprouts SIT Investigation Exposes Multi-Crore Scam
- Bhandari Bank Depositors Demand Action, Alleging Collusion in Cooperative Department
- Rakhi Mangesh Gawade Previously Arrested by Anti-Corruption Bureau
- Reserve Funds Misused, Audit Figures Allegedly Manipulated
- Also Read: ED Probe Into ₹3,000 crore Yes Bank loan fraud linked to Anil Ambani’s Reliance ADAG group.
- Related Article: Bhandari Bank Scandal Explodes: ₹12 Crore Recovery Ignored.
- Call for CBI Probe and Removal of Involved Officers
- Sprouts SIT Continues to Track Cooperative Banking Scandals
Illegal Property Sale at Bhandari Co-op Bank: Sprouts SIT Investigation Exposes Multi-Crore Scam
In a shocking financial scandal, Sprouts News Investigation Team (SIT) has uncovered that corrupt Nazim Virani, recovery officer, and Rakhi Mangesh Gawade, liquidator of the Bhandari Co-operative Bank, allegedly sold off the bank’s prime properties at Goregaon (East) and Bhandup (West) in blatant violation of cooperative and financial regulations. The properties, located near Mumbai’s railway corridors, hold immense commercial value and were reportedly sold off without any government-sanctioned auction process.
According to internal complaints and documentary evidence accessed by Sprouts SIT, the duo collected crores of rupees through unauthorized transactions. The bank’s stakeholders have raised serious concerns over the misuse of public money, corruption in property disposal, and dereliction of duty by key cooperative department officials, including Pune’s Cooperative Commissioner Deepak Ramachandra Taware, who has allegedly ignored repeated complaints.
Bhandari Bank Depositors Demand Action, Alleging Collusion in Cooperative Department
The Shareholders’ Forum of Bhandari Co-op Bank, a 100-year-old community bank, has submitted multiple representations to the Maharashtra State Registrar of Co-operative Societies. Despite formally alerting authorities on June 24, 2024, and later on November 18 and December 11, no substantial action has been taken.
The Forum accuses Commissioner Taware of deliberately shielding corrupt officials and being complicit in this scam. They allege that both Rakhi Gawade and Nazim Virani not only engaged in illegal settlements with loan defaulters but also conspired with bogus buyers to siphon funds through unauthorized land sales.
Key points from the complaint include:
•Failure to auction properties via official government tender websites.
•Sale of bank land even after official cancellation orders from the Registrar.
•Direct financial transactions with buyers outside the legal framework.
•Use of recovery and reserve funds for unauthorized expenses.
Rakhi Mangesh Gawade Previously Arrested by Anti-Corruption Bureau
Further complicating the matter, liquidator Rakhi Gawade, an Assistant Registrar by designation, had previously been arrested by the Maharashtra Anti-Corruption Bureau (ACB) and remanded to two days of judicial custody. Despite her arrest and allegations of prolonged corruption during her tenure since 2021, she continues to retain her position as liquidator of Bhandari Co-op Bank.
Sprouts News SIT has reviewed emails, audit reports, and minutes of meetings between the Forum and Malhotra House office (Fort, Mumbai) of the Registrar. Repeated requests to remove Gawade and Virani from their positions have been ignored. The Forum alleges that instead of focusing on loan recovery, both officers have played the role of brokers, illegally selling property and misusing staff salaries and operational funds.
Reserve Funds Misused, Audit Figures Allegedly Manipulated
According to audit-related claims submitted to the Registrar, the bank’s reserve funds have been illegally diverted, and fabricated audit figures were presented over the past four years to mask irregularities. The Forum also alleges that monthly operational costs of ₹3–4 lakh are being siphoned off under the guise of staff salaries, without any corresponding recovery effort from defaulters.
The properties at Goregaon East and Bhandup West, previously owned by Bhandari Bank, are no longer traceable in official asset records. A letter from the Registrar previously revoked the sale process, yet the properties were quietly sold, allegedly with the knowledge and support of insiders in the Cooperative Department of Maharashtra.
Also Read: ED Probe Into ₹3,000 crore Yes Bank loan fraud linked to Anil Ambani’s Reliance ADAG group.
Related Article: Bhandari Bank Scandal Explodes: ₹12 Crore Recovery Ignored.
Call for CBI Probe and Removal of Involved Officers
The Shareholders’ Forum, citing systemic corruption, is preparing to escalate the matter by filing a formal complaint before the Lokayukta. They have demanded immediate dismissal of corrupt Rakhi Mangesh Gawade and Nazim Virani from all cooperative roles and a CBI investigation into the cooperative department’s involvement.
Given the magnitude of the financial misconduct, Sprouts SIT reiterates the demand for a high-level probe into Maharashtra’s cooperative banking sector, especially concerning the liquidation and asset management of failed banks.
If proven, this case could set a legal precedent for cooperative bank scams and expose how government regulators can be compromised, leading to the looting of depositor funds and public assets.
Sprouts SIT Continues to Track Cooperative Banking Scandals
This is not an isolated incident. The Sprouts News Investigation Team (SIT) has consistently exposed irregularities in Maharashtra’s cooperative sector, from loan frauds to land-grab schemes. The Bhandari Bank scandal is another glaring example of how internal collusion and bureaucratic apathy have enabled financial crime against the public interest.
Sprouts SIT urges Maharashtra’s Finance and Cooperation Ministries to take immediate, transparent action, restore depositor trust, and institute safeguards against rogue liquidators and recovery officers.
