Indian origin arrested in US for 800 cr bank fraud case

An incident has been reported from the United States, where an Indian-origin industrialist based in California has been arrested in connection with an alleged bank fraud case involving more than ₹800 crore (100 million dollars.)

The accused has been identified as Mahendra Makhijani, who operated a company called ‘Cantor Group V LLC' based in Newport Beach.

According to US authorities, Makhijani’s company had entered into a loan agreement with a major financial institution under which only real estate loan projects where the bank held the primary lien on the property could be assigned as collateral. 

However, investigators allege that between September 2024 and April 2025, Makhijani submitted forged documents to falsely convince the bank that it had first-priority rights over several properties, despite those rights already belonging to other lenders.

Investigators further alleged that Makhijani, along with an associate, manipulated original records using Adobe software to alter key details in official documents. The accused allegedly created fake title policies and fabricated ownership records, which were then submitted to the bank as genuine documents in order to secure financing.

Authorities also claim that the accused repeatedly misled bank officials through official communications, including phone calls, falsified spreadsheets and other fabricated records, to conceal the true status of the properties. The alleged fraud is believed to have caused losses amounting to more than ₹800 crore, prompting a criminal investigation by US law enforcement agencies.