Case registered against five persons in Mukundwadi police station
Chhatrapati Sambhajinagar: A financial scandal has come to light at Dnyanoba Urban Credit Society, where an embezzlement of Rs 29.5 crores transpired over a ten-month period. The main accused, Pankaj Shivaji Chandanshiv, previously implicated in the Abha Investment scam, established the credit institution. A case has been registered against him and four others, including director Sachin Dhananjay Sawant, Shivaji Jija Chandanshiv, Indumati Shivaji Chandanshiv, and Manager Rahul Ramchandra Dahihande at Mukundwadi police station on Saturday.
According to information, Pankaj founded the organization on January 19, 2023, according to the complaint filed by special auditor Sudhakar Gayke (50). In a span of ten months, the accused orchestrated a fraudulent scheme, fabricating records and deceiving depositors.
Upon establishment, Pankaj began accepting deposits from members, assuring safekeeping in Dnyanoba. However, investigations reveal that all deposited amounts were illicitly withdrawn. Between January 25 and October 9, a scam of Rs 21.83 crore unfolded, involving the presentation of bogus loans and fictitious mortgages amounting to over Rs 6 crores.
Established company promising bogus returns
Cases have been registered against the accused under the supervision of the economic offence wing. Chandanshiv is already facing legal consequences for his involvement in the Abha investment and land developers scam, where he established a company promising double returns from the stock market. A separate case was filed against him on October 5 in connection with this matter. Assistant commissioner of police Dhananjay Patil and PI Sambhaji Pawar, are investigating both cases.