Mumbai: The Kalachowki police on Thursday arrested Karishma Rajesh Nivane (33), the manager of Students Academy Co-Operative Credit Society, for allegedly conspiring with other members to cheat several investors of Rs 1.65 crore. The scheme involved offering a 13% interest rate on deposits to lure victims.
FIR and Charges
An FIR has been registered against Nivane, along with the credit society's founder-chairman Uday Pawar, executive board members Vaibhav Pawar, Poonam Rane, and Abhijit Ghorpade, among others. The charges include cheating and forgery under relevant sections of the Bharatiya Nyaya Sanhita, as well as violations of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.
Complainant's Account
According to the complaint filed by a 63-year-old transporter from Sewri, Uday Pawar approached him in 2018 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 own name. Additionally, Rs 13.47 lakh was invested in the name of his daughter. By March 2024, the total amount, along with the promised interest, was stated to have increased to over Rs 44 lakh.
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 named other investors who allegedly did not receive 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
- Shivani Shashikant Raul (54), who invested Rs 1 lakh
Investigation Ongoing
The police are continuing their investigation into the matter, and further arrests are expected. The credit society's operations are under scrutiny as authorities work to recover the investors' funds.
