Overview
- Nashik police have registered a criminal case against six people and arrested Bafna Jewellers director Nilesh Subhash Bafna on charges of cheating TJSB Co‑operative Bank of about Rs 38 crore.
- Investigators say forged stock statements claimed inventory worth Rs 59.07 crore while a physical inspection of the shop found goods valued at roughly Rs 25.19 lakh.
- The borrowing relationship began in 1998 with an initial Rs 90 lakh cash credit and grew to a reported exposure of about Rs 44 crore before interest payments became irregular from March 2025.
- Following recovery action and a district magistrate order, the bank took possession steps that led to the complaint and the case being transferred to the Economic Offences Wing for detailed financial forensics.
- Bafna was produced in court and remanded to police custody until June 26, 2026, and the EOW probe could determine the extent of recoverable assets, guarantor liability, and possible wider implications for cooperative bank lending practices.