2 FIRs in ₹200cr credit co-op society cheating

CHHATRAPATI SAMBHAJINAGAR: The Cidco police on Tuesday registered two FIRs naming 35 people, including several members, management officials and loan beneficiaries, of a credit cooperative society for alleged bungling of Rs200 crore through irregularities, cheating and siphoning off of depositors' money over a period of seven years.
Deputy commissioner of police (Zone-II) Shilwant Nandedkar said, "The suspects were booked on the charges of criminal breach of trust, cheating, forgery and criminal conspiracy, among others.Besides, sections of the Maharashtra Protection of Interest of Depositors (in financial establishments) Act, 1999 (MPID Act), were imposed on them."
He added, "The two FIRs are based on the findings of an audit of the society's transactions carried out for the 2016- 2023 period. In the two FIRs, people from across the society's hierarchy, including the chairman, have been named as suspects. Considering the scale and technicalities involved in the investigation of the case, experts would be involved to assist the probe team.
Cidco police station inspector Sambhaji Pawar said, "The auditor's report pointed out how systematically the society management gave hefty loans to people and subsequently wrote them off. There were also irregularities in the form of giving loans by inflating valuation of the mortgaged properties. There are also instances of providing loans without following the due process and wilful default."
In the first FIR registered on the basis of a complaint lodged by cooperative department special auditor Sudhakar Gayke, 18 people were booked on the charge of financial bungling to the tune of over Rs99 crore. The second FIR, registered on the basis of a complaint lodged by another special auditor, Dhananjay Chavan, 17 people were booked for cheating to the tune of over Rs103 crore.