Fraud of Rs 1 crore through promised high returns in Vighnahar Multi-State Credit Society

Lokmat News Network

Chhatrapati Sambhajinagar

A major fraud has come to light at Vighnahar Multi-State Co-operative Credit Society Limited. Investors were promised 10–12% returns if they deposited funds for a year. One depositor invested Rs 1.05 crore in a savings account, out of which Rs 93.05 lakh was placed as a fixed deposit. However, when the depositor needed the money before the maturity period, the society delayed repayment, revealing the fraudulent activity. Jawaharnagar police have registered a case against four accused.

The accused include directors of the society Dr Katyamwar, Virsinghji, R.G. Baheti (all residents of Wasmat, Hingoli district) and the late chairman and chief advisor, Mathuradas Deshmukh (Beed Bypass). According to complainant Shaikh Taufiq(Times Colony, Katkat Gate), he runs a straw-making business. After meeting the chief advisor and chairman Deshmukh, he was persuaded to deposit funds in the society for one year to earn 10–12% interest. Following instructions, he opened a savings account and deposited Rs 1.05 crore in five installments. On 1 April 2025, he invested Rs 93.05 lakh as a fixed deposit for 91 days, expecting Rs 2.08 lakh in interest. The deposit was set to mature on 1 July 2025. Before maturity, when the complainant sought withdrawal, the branch manager claimed that Deshmukh was undergoing cancer treatment and unavailable. Despite repeated visits and calls, the complainant and other investors were unable to retrieve their funds. Attempts to contact the other three directors also proved futile. After the death of chairman Deshmukh on 26 June 2025, the branch itself was found closed during repeated visits. The complainant then approached the economic offences branch. After preliminary investigation, a case was registered. Senior police inspector Sambhaji Pawar is handling further investigation.