The Crime Branch has widened its investigation into the ₹41 crore property fraud involving the illegal sale of villas and flats in Bill and Bhayli using forged documents. Police are now examining the role of nine banks that sanctioned home loans against properties mortgaged with fake documents.
The investigation follows reports that the alleged mastermind, Nishith Panchal, has fled abroad. Police have sought detailed records from the banks to determine who approved the loans and whether proper verification procedures were followed.
The banks under scrutiny are State Bank of India (SBI), Bank of Baroda (BOB), Indian Bank, Canara Bank, Union Bank, Karnataka Bank, UCO Bank, Punjab & Sind Bank, and Central Bank of India.