Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has intensified its probe into an alleged ₹2.5 crore financial fraud involving Purushottam Chavan, the husband of senior IPS officer Rashmi Karandikar. Investigators have reportedly identified multiple real estate assets believed to have been acquired using the proceeds of crime.
Four Thane Flats Linked to Fraud Under Probe
According to officials, the EOW has traced four flats in Thane’s Dosti project that were allegedly purchased during 2020–21 under the names of Chavan’s close relatives. These properties, collectively valued at around ₹2.5 crore, are now under scrutiny for being part of a suspected money laundering operation.
The EOW has initiated proceedings under Section 107 of the Bharatiya Nagarik Suraksha Sanhita (BNSS) to attach the identified assets. Officials have also confirmed that a forensic audit has been ordered to examine the financial trail and determine the source and movement of the funds involved.
EOW Flags Service Rule Violation by IPS Officer
In a related finding, investigators have flagged potential service rule violations by IPS officer Rashmi Karandikar herself. According to EOW sources, she allegedly invested a sum exceeding six months of her basic salary in the stock market without prior approval from senior authorities, as required under All India Services Conduct Rules.
The EOW has formally shared these details with the Director General (DG) Office, which will now decide on whether to initiate departmental or disciplinary action against the officer.
Financial Trail Under Scanner
Senior officials stated that the ongoing forensic audit will focus on unearthing the larger network of money flow, including any shell entities or proxy accounts used for property transactions. The EOW is also verifying additional assets and financial dealings linked to the accused to establish the full scope of the alleged fraud.
“This case may reveal a deeper web of financial irregularities involving multiple fronts. The audit will clarify the real ownership and trail of the funds,” an official said on condition of anonymity.
Case Background
The investigation stems from complaints received earlier this year alleging that Purushottam Chavan had defrauded several investors through a property-linked financial scheme. The probe subsequently uncovered suspicious real estate investments, prompting the EOW to begin formal proceedings.
Sources indicated that the case could expand further depending on the outcome of the forensic audit and attachment of assets.
