Mumbai police arrest co-operative credit society manager and book others for cheating investors of Rs 1.65 crore

Mumbai: Kalachowki police on Thursday arrested Karishma Rajesh Nivane (33), manager of Students Academy Co-Operative Credit Society, for allegedly conniving with other members and cheating several investors of Rs 1.65 crore by offering 13% on their deposits. An FIR has been registered against Nivane, the credit society's founder-chairman Uday Pawar, and executive board members Vaibhav Pawar, Poonam Rane and Abhijit Ghorpade, among others, under the relevant Bharatiya Nyaya Sanhita sections of cheating and forgery as well as the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.In his complaint, a 63-year-old transporter from Sewri, said that in 2018, Uday Pawar approached him and convinced him to invest in a fixed deposit. The complainant invested Rs 15.54 lakh in multiple deposits between 2018 and 2021 in his name. Additionally, Rs 13.47 lakh was invested in the name of his daughter. The total amount, along with promised interest, was stated to have increased to over Rs 44 lakh by March 2024.However, after the deposits matured, the complainant alleged that repeated attempts to recover the funds — through personal visits, phone calls, and messages — were ignored by the Pawars and other office-bearers. The complaint also mentioned the names of other investors who have allegedly not received their matured deposits, including Rajendra Daulat Singh (75), who invested Rs 1.5 lakh; Ketak Janardan Sawant (38), who invested Rs 17 lakh; Manohar Sahebrao Sawant (82), who deposited Rs 4.55 lakh; and Shivani Shashikant Raul (54), who invested Rs 1 lakh.
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