Embezzlement of Rs 1.52 crore in credit society

Case registered against managers, employee in Mukundwadi police station

Chhatrapati Sambhajinagar: It was revealed that an employee along with two managers embezzled Rs 1.52 crore in Jai Gangamai Urban Cooperative Credit Society, Indira Market, Cidco, N2, Mukundwadi by taking mutual loans on account holders fixed deposits. A case has been registered against the three in the Mukundwadi police station.

Giving more information, Mukundwadi station PI Vitthal Sase informed that an employee Gajanan Thale (Mukundwadi) along with two branch managers Maroti Mirge (Chikalthana), Ganpat Gaikwad (Prakashnagar, Mukundwadi) have been identified as the accused.

According to the complaint of auditor Abasaheb Deshmukh, he audited the statutory accounts of this credit society for the period from April 1, 2020 to March 31, 2021. A report on the same was submitted to the deputy registrar of co-operative Societies on October 18, 2022. Mirge was the manager from 2008 to 2017, while Ganpat Gaikwad was the manager from 2017 to March 31, 2019. Mirge embezzled Rs 10.60 lakh, Gaikwad embezzled Rs 1.47 crore while Thale embezzled Rs 11.30 lakh. It was found that the three have embezzled Rs 1.52 crore together. Some of the embezzled amount was paid by the accused. Still, the three have to repay Rs 74 lakh of embezzlement and the interest on it is Rs 40.33 lakh. PI Sase is further investigating the case.

Such are the irregularities

Mirge disbursed loans without collateral and without approving it by the board of directors. Gaikwad embezzled the amount by raising mutual loans from the fixed deposits of the account holders. Employee Thale also approved loans without taking permission of the board members.