Massive Gold Loan Fraud Uncovered
• Panvel Woman Exposes Shocking Gold Loan Fraud by SBFC Finance
• Fraudulent Loan Accounts Uncovered in SBFC Gold Loan Scam
• SBFC Finance Caught in Gold Loan Fraud: Social Worker Speaks Out
Unmesh Gujarathi
Sprouts News Exclusive
In an exclusive investigation, the Sprouts News Special Investigation Team has uncovered a massive case of fraud involving SBFC Finance Pvt. Ltd., a private finance company in Vashi, Navi Mumbai. Sandika Sandesh Waje, a 47-year-old social worker and founder of Aadishakti Mahila, Balkalyan & Multipurpose Social Welfare Organization, has alleged that the company cheated her and exploited her financial situation.
• According to Waje, in 2021, she mortgaged 20 tolas of gold at Laxmi Jewellers in Panvel for a loan of ₹7,00,000 at 2% interest per month. However, she was later approached by Pracheeti and Prakash, representatives from SBFC Finance, who promised her a lower interest rate of 1% if she transferred her gold to their company. Trusting their offer, she handed over her gold, paid the outstanding interest of ₹84,000, and paid ₹10,000 for the valuation of her gold.
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• After the transaction, Waje was asked for her personal documents, including her Aadhaar and PAN cards, as well as those of her mother. What she didn’t realize was that these documents were being used to create five unauthorized loan accounts under her and her mother’s names. She only learned of this when she tried to redeem her gold in August 2022 and discovered the discrepancy after seeing the internal records at SBFC.
• The Sprouts News Special Investigation Team has thoroughly examined the case and found that SBFC Finance not only misrepresented the loan terms but also misused personal information to open multiple loans without the borrower’s consent. The team is now working with the authorities to investigate the extent of this fraud and ensure that the company is held accountable for its actions.
• Waje has filed a formal complaint with Vashi Police Station, demanding justice for herself and warning other citizens against similar fraudulent schemes. The Sprouts News Special Investigation Team stands in full support of her and is committed to ensuring that this case gets the attention it deserves.
• The Sprouts News Special Investigation Team has pledged to continue its efforts to expose the deceptive practices of finance companies that exploit innocent people. Sprouts will always stand with victims and actively work to fight against such unfair practices.
