Maharashtra Government Cracks Down on Financial Fraud with Major Property Attachments
In a decisive move to combat financial fraud and safeguard depositor interests, the Maharashtra state government has ordered the attachment of properties valued at over Rs 75 crore in two separate cases. This significant action targets entities involved in alleged fraudulent activities, specifically focusing on the Ajantha Urban Cooperative Bank and the Yashaswini Mahila Self-Help Group Cooperative Credit Society, both based in Chhatrapati Sambhajinagar.
Ajantha Urban Cooperative Bank Case: Rs 66.32 Crore Properties Attached
Following a government notification issued on March 12, properties worth Rs 66.32 crore belonging to former MLC Subhash Manakchand Zambad and other accused have been attached in connection with the Ajantha Urban Cooperative Bank. The case came to light after the City Chowk police registered an FIR on October 18, 2023, based on a complaint by district special auditor (Class-I) Suresh Panditrao Kakade. The FIR alleged that the bank's net worth of Rs 70.14 crore was manipulated through fictitious fixed deposits amounting to Rs 64.60 crore.
Investigations by the economic offences wing (EOW) of the city police revealed a systematic conspiracy among the bank's board members, officials, and auditors. From 2006 to 2023, they allegedly opened 36 fraudulent fixed deposits against loan accounts and issued forged bank balance certificates to cheat depositors. Police Commissioner Pravin Pawar stated that an extensive financial investigation uncovered evidence of record manipulation and fund diversion. "Based on these findings, a proposal for property attachment was submitted to the state government through the district collector under the Maharashtra Protection of Interest of Depositors (MPID) Act," he explained.
Deputy Commissioner of Police (Crime) Ratnakar Navale confirmed that 29 immovable properties and bank deposits linked to the accused have been identified and attached as part of this crackdown.
Yashaswini Mahila Self-Help Group Cooperative Credit Society Case: Rs 9.58 Crore Properties Attached
In a similar case, properties worth Rs 9.58 crore belonging to accused Pawan Devidas Adhane and others associated with the Yashaswini Mahila Self-Help Group Cooperative Credit Society were attached following a government order dated March 16. An FIR in this matter was registered at the Cidco police station on October 7, 2023, invoking sections of the Indian Penal Code related to criminal breach of trust, cheating, and forgery, along with provisions of the MPID Act and the Banning of Unregulated Deposit Schemes Act, 2019.
Investigations have exposed that office bearers and officials of the society allegedly created fake loan files and misappropriated depositor funds between 2021 and 2023. They lured the public with promises of high returns, but depositors were neither repaid their investments nor provided satisfactory explanations for the losses.
Systematic Exploitation of Public Trust Uncovered
EOW Inspector Sambhaji Pawar highlighted that the accused in both 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 in the ongoing investigations," he emphasized. The sub-divisional officers of Sambhajinagar and Kannad have been appointed as the competent authorities to manage the attached assets in these two cases, ensuring proper oversight and potential restitution for affected parties.
This robust action underscores the government's commitment to addressing financial fraud in cooperative sectors, aiming to restore confidence among depositors and deter future malpractices through stringent enforcement of laws like the MPID Act.
