Over Rs 75 crore assets attached in two deposit fraud cases in Sambhajinagar involving Ajantha Bank & Yashaswini society

Chhatrapati Sambhajinagar: State govt has ordered the attachment of properties worth over Rs 75 crore in two separate cases, involving Ajantha Urban Cooperative Bank and Yashaswini Mahila Self‑Help Group Cooperative Credit Society, in a major action against financial fraud targeting depositors.In the case of Ajantha Urban Cooperative Bank, properties worth Rs 66.32 crore belonging to former MLC Subhash Manakchand Zambad and other accused have been attached following a govt notification issued on March 12. The case came to fore after the City Chowk police registered an FIR on Oct 18, 2023, stating that bank's net worth of Rs 70.14 crore was manipulated with fictitious fixed deposits worth Rs 64.60 crore. The FIR followed a complaint by district special auditor (Class‑I) Suresh Panditrao Kakade.Investigators said the bank's board members, officials and auditors allegedly conspired to cheat depositors by opening 36 fraudulent fixed deposits against loan accounts and issuing forged bank balance certificates from 2006 to 2023. Police commissioner Pravin Pawar said the economic offences wing (EOW) of the city police conducted an extensive financial investigation and uncovered evidence of systematic record manipulation and diversion of funds. "Based on the findings, a proposal for attachment of properties was submitted to state govt through the district collector under the MPID Act," he said.DCP (crime) Ratnakar Navale said 29 immovable properties and bank deposits linked to the accused had been identified and attached.In another similar case, properties worth Rs 9.58 crore belonging to accused Pawan Devidas Adhane and others associated with Yashaswini Mahila Self‑Help Group Cooperative Credit Society were attached following a govt order dated March 16.An FIR in this case was registered at the Cidco police station on Oct 7, 2023, invoking sections of the IPC related to criminal breach of trust, cheating and forgery, along with provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act and the Banning of Unregulated Deposit Schemes Act, 2019.Investigations have revealed that office bearers and officials of the society allegedly created fake loan files and misappropriated depositor funds after luring the public with promises of high returns between 2021 and 2023. Depositors were neither repaid their investments nor provided satisfactory explanations.EOW inspector Sambhaji Pawar said the accused in both the cases exploited public trust by diverting funds through forged documents. "Property attachment has been secured to protect depositor interests. Supplementary proposals will be submitted as more assets are identified," he said.The sub‑divisional officers of Sambhajinagar and Kannad have been appointed as the competent authority to manage the attached assets in the two cases.