Chhatrapati Sambhajinagar
A government-recognized chit fund, Godavari Chit Fund, cheated multiple depositors, including Dr. Jyoti Kasture, by promising double returns without registering with authorities. Following her complaint on December 16, the Jinsi police booked the company’s directors and employees.
The accused include directors Vilas Sonu, Sachin Shindikumate, Shila Wankhede, Shailesh Jagtap; manager Ravikiran Jagtap; Yogesh Ghatkar; Amol Sakhare; and Surekh Sarje. In December 2020, the company approached Dr. Jyoti for investments. Two groups were formed: Rs 10 lakh and Rs 25 lakh. The first group paid installments for 49 months, the second for 35 months, after which the company refused to continue the Rs 25 lakh chit. By November 2023, Dr. Jyoti expected the remaining amount from the first group but received nothing. After repeated demands, she was given a Rs 5 lakh cheque in February 2024 with a promise to pay Rs 27 lakh from both groups soon. Despite follow-ups, she received only four cheques totaling Rs 4 lakh in three months; one bounced. Lawyers instructed her not to approach police and promised weekly or monthly installments, but only one payment was made. All collateral cheques also bounced.
Complaint to police, attempts to settle
Frustrated, Dr. Jyoti approached the Police Commissioner. The accused offered Rs 7 lakh via intermediaries to settle. Dr. Jyoti demanded Rs 6.40 lakh in remaining interest and Rs 2.5 lakh for legal costs, totaling Rs 8.90 lakh, which was unpaid. Godavari Chit Fund, operating from Sagar Trade Center, Akashvani, also cheated other depositors including Sandip Vilas Mule and Purushottam Sopan Tayde. Fake documents were used to show payments, and the fund’s amounts were not registered with the GST Department. Poilice sub-inspector Ravikiran Kadam is investigating the case further.