HDFC Faces Heat Over Real Estate Loan Fraud

• Systemic Betrayal in Maharashtra Real Estate

• 3,000+ Homebuyers Suffer Huge Losses

Unmesh Gujarathi

Sprouts News Exclusive

A sprawling real estate loan scam in Ambernath, Maharashtra, has exposed a shocking nexus of fraud involving builders, municipal officials, architects, cooperative registrars, banks, and regulators. Over 3,000+ homebuyers have been defrauded through forged certificates, illegal construction, and negligence by authorities, particularly the Maharashtra Real Estate Regulatory Authority (MahaRERA). With rising public outrage and demands for accountability, this scandal could be Maharashtra’s largest real estate fraud to date, reports Sprouts News.

Contents

HDFC Faces Heat Over Real Estate Loan Fraud

• Real Estate Scam: Forged Certificates and Illegal Construction Cripple Ambernath Real Estate

The Ambernath scam centers on approximately 60–70 buildings across Mohan Lifespaces LLP’s projects: Mohan Nano Estates, Mohan Suburbia, and Mohan Galleria. Builders allegedly secured fraudulent commencement and occupancy certificates from the Ambernath Municipal Council. These documents, missing critical project details, enabled illegal construction and misled homebuyers, banks, and regulators.

Mohan Lifespaces LLP is accused of constructing these townships without paying government fees, bypassing environmental clearances, and using substandard materials. Structural issues such as water leakages, loose tiles, and cracked walls have left properties unsafe. Over 3,000+ buyers are now trapped in housing loans for potentially illegal properties, with banks financing homes based on forged certifications.

• Real Estate loan Scam: Key Players Behind Maharashtra’s Largest Real Estate Fraud

A complex network of individuals and institutions is implicated in orchestrating the Ambernath scam. Chief officers of the Ambernath Municipal Council — Prashant Rasal, Shridhar Patankar, Devidas Pawar, Bhalchandra Gosavi and others — allegedly issued fake certificates to enable unauthorized construction.

Builder Mohan Lifespaces LLP, led by Jeetender Mohandas Lalchandani and associates, is accused of masterminding the scam, selling illegally built flats, and ignoring buyer complaints. Architect Sarang Thorat of Thorat Mathew and Associates reportedly provided fraudulent plans to facilitate the scheme.

Cooperative housing registrars Suresh Adhare and Ramchandra Lokhande allegedly registered societies based on forged documents. MahaRERA officials, notably Vasant Prabhu, are under fire for registering projects without verifying certificate authenticity. Even the State Environment Impact Assessment Authority (SEIAA) has been implicated, with officer Manisha Mhaiskar allegedly issuing clearances based on fake documentation.

Banks, including HDFC, are accused of approving loans without proper due diligence, further amplifying the crisis. This situation highlights systemic failures across Maharashtra’s urban development and banking sectors, as extensively reported by Sprouts News.

Real eastate Loan Fraud exposing HDFC involvememt too

•HDFC Bank Faces Allegations of Loan Fraud and Intimidation

HDFC Bank has emerged as a central player in the scandal, accused of sanctioning home loans for properties based on forged certificates. Homebuyer Palvinder Singh alleges that HDFC, through officers Abdul Wahab Ahmed Usmani and Udaybhan Yadav, facilitated a fraudulent loan despite clear documentation issues.

After halting EMI payments in August 2024, Singh demanded compensation for his financial losses. Instead of addressing his grievances, HDFC’s recovery team — Anthony Barneto, Mukesh Agarwal, and Siddharth Karnavat — allegedly launched intimidation tactics, threatening property auctions and harassing Singh through automated calls.

Singh has submitted evidence to authorities and is demanding a full investigation into HDFC’s role. The bank’s continued silence has fueled accusations of complicity, with broader implications for banking oversight in India.

Also Read: NFDC Scandal: Sprouts News Exposes Hiring Irregularities.

• Regulatory Inaction Worsens Maharashtra’s Housing Crisis

Despite mounting complaints, regulatory and law enforcement agencies have failed to act decisively. Singh has approached the Thane Crime Branch, Ambernath Police, Thane Economic Offences Wing (EOW), and other bodies without success.

No First Information Reports (FIRs) have been registered, and several investigations have been closed without explanation. Even complaints filed with MahaRERA have gone unresolved, leading to accusations that the authority is shielding the builders and municipal officials.

The Government of Maharashtra’s lack of action has only deepened public distrust. Allegations of political protection for the accused are growing, further undermining confidence in urban governance and real estate regulation.

• HDFC Loan leads Real Estate loan Scam: Devastating Impact on Over 3,000 Homebuyers

Thousands of homebuyers are now facing financial devastation. Many have stopped EMI payments, risking severe damage to their credit scores and facing potential legal action from banks. Properties purchased in Mohan Lifespaces projects suffer from serious construction defects, making them nearly uninhabitable.

Beyond financial losses, buyers report profound emotional distress from harassment by banks and uncertainty about their investments. The Ambernath scam stands as a grim reminder of the vulnerabilities faced by homebuyers in India’s booming but poorly regulated real estate market, as detailed by Sprouts News.

• Real Estate loan Scam: Homebuyers Demand Immediate Justice and Reform

Affected buyers are calling for immediate actions, including:

•An independent investigation by a Special Investigation Team (SIT) or the Enforcement Directorate.

•Registration of FIRs against all accused under the Maharashtra Ownership Flats Act (MOFA) and the Real Estate (Regulation and Development) Act, 2016.

•A moratorium on EMI payments until properties are legalized.

•Full refunds for financial losses, mental distress compensation, and cancellation of fraudulent property registrations.

•Reforms at MahaRERA to strengthen verification processes before project approvals.

•Investigations into banks like HDFC for loan disbursement based on forged documents.

Singh has also appealed to the Reserve Bank of India and the Banking Ombudsman for relief and plans to escalate the matter to the judiciary if necessary.

• Real Estate loan Scam: Systemic Betrayal in Maharashtra’s Real Estate Sector

The Ambernath housing scam highlights systemic corruption across Maharashtra’s urban development ecosystem. From builders to municipal officials, architects to bankers, a network of complicity has betrayed the trust of thousands of homebuyers.

The Bombay High Court’s directive to integrate civic websites with MahaRERA’s portal for better transparency offers some hope, but implementation remains slow. As this scandal unfolds, the Government of Maharashtra and regulatory bodies like MahaRERA face an urgent test of credibility.

With Sprouts News closely tracking the developments, public pressure continues to mount. Will justice prevail for the 3,000+ affected families, or will the Ambernath scam become another unpunished chapter in India’s real estate history?

1 Review

Zeus says:
Anthony Barneto and his team is harrassing me for one of the loan issues where I have stopped paying emis as bank has overcharged and not paying attentions to issues raised. Moreover they have added lien and are eating up any credits coming into account. Ever since HDFC ltd is merged with bank this entity is behaving as a money eater monster. please help.