Bank of Maharashtra Sold Guarantor’s Plot at Half Market Price?
• From Growth to Grief: RMA Poultry’s Financial Collapse
• Property Sold Without Consent? Plot Undervalued by 40%
• Bank of Maharashtra Officials Accused of Targeting Rural Borrowers
Unmesh Gujarathi
Sprouts News Exclusive
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RMA Poultry Farm founder Anil Haral and mayur Dhase alleges Bank of Maharashtra officials forced a loan account into NPA status, blocked restructuring, and sold mortgaged property at undervalued rates without guarantor consent. Sprouts SIT uncovers patterns of rural loan harassment, asset undervaluation, and systemic abuse of power in banking recovery processes.
Sprouts SIT Uncovers Distress Sale and Alleged Abuse of Banking Power in Vaijapur
In yet another disturbing case of alleged financial exploitation in India’s rural credit system, the Sprouts News Investigation Team (SIT) has uncovered shocking claims from a poultry entrepreneur in Vaijapur, Maharashtra. Anil Haral, one of the founder of RMA Poultry Farm, alleges that Bank of Maharashtra officials deliberately sabotaged his loan restructuring efforts, classified his account as NPA without fair warning, and later sold mortgaged property at under-market rates—without the consent of the guarantor.
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Background: RMA Poultry’s Growth and Dependence on Institutional Credit
Established in 2007, RMA Poultry Farm began operations with a modest capacity of 4,000 birds, backed by a ₹4 lakh credit facility from Bank of Maharashtra’s Vaijapur branch. The loan was repaid within a year, enabling expansion to 10,000 birds with an additional ₹22 lakh credit, which was also cleared within three years.
By 2011, the farm scaled up its operations to 80,000 birds, availing a term loan of ₹1 crore and a cash credit limit of ₹50 lakh. As collateral, mayur Dhase mother Mrs Taramati Ashok Dhase who is one of the guarantor mortgaged a 4,600 sq. ft. residential plot in Vidyanagar, Vaijapur, and two partners Anil Haral and Mayur Dhase along with 7 acres of agricultural land in Anchalgaon and Nandgaon.
Crisis Trigger: Andhra Pradesh Protest Disrupts Poultry Rates
The turning point came in 2014 when massive protests in Andhra Pradesh led to buffer stock stagnation in the poultry industry. Rates plummeted across neighboring states, including Maharashtra. Patil says his business incurred heavy cash losses due to these unforeseen disruptions.
Despite utilizing only ₹60 lakh from the sanctioned ₹1 crore loan, Patil alleges the bank refused to release the remaining ₹40 lakh, even after explaining the exceptional nature of the losses. “We kept requesting support, but the bank instead began classifying our account as NPA and initiated recovery,” Patil told Sprouts SIT.
Allegations of Harassment: Account Classified as NPA, Buyers Intimidated
Over the next nine months, Bank of Maharashtra officials reportedly showed no inclination to understand the crisis or offer restructuring. Patil claims every officer who visited repeated the same line: “Pay your loan.” His requests to sell assets and settle liabilities were reportedly met with hostility.
“When we found buyers, bank officers frightened them so badly that they withdrew their offers,” Anil Haral alleges. “They behave like real estate agents, not bankers.”
Also Read: MIDC’s 559‑Acre Deal to Adani at Half Price Raises Major Red Flags.
Distress Sale Exposé: Guarantor’s Plot Sold at Half the Market Rate
According to documents reviewed by Sprouts News Investigation Team (SIT), matters worsened in 2024 when recovery officer Mr.Somnath Sasane chief manager (recovery cell)—previously branch manager at Vaijapur—allegedly sold a guarantor’s residential plot without notification. When guarantor Mrs. Taramati Ashok Dhase asked mr sasane about sale without informing her. He rudely reply better u go to court and do what u can do. I dont care.
The 4,600 sq. ft. property in Vidyanagar was sold for ₹52 lakh, though prevailing rates in the area stood at ₹2,000 per sq. ft., implying a fair market value of at least ₹90 lakh.
