Thane: 5 booked for misappropriating funds of co-op housing societies

An offence has been registered against an administrator appointed to oversee workings of cooperative housing societies and four others for alleged misappropriation of funds in Maharashtra’s Thane city, police said.

A case under sections 402 (cheating), 409 (criminal breach of trust) and other relevant provisions of the Indian Penal Code was registered against the accused, an official from Kapurbawdi police station said.

According to the police, the main accused in the case was appointed to oversee the affairs of erring cooperative housing societies in the city, which had reported mismanagement.

Members of societies complained to the co-operative registrar, who ordered an audit of accounts and several irregularities came to fore, the official said.

Though he was authorised only to oversee the management of societies, the accused official had illegally spent Rs 40.22 lakh for various works without taking permission from members, he said.