A major financial fraud has come to light at the Jai Maa Ambe Co-operative Credit Society Limited in Mulund, where an appointed agent allegedly misused his position to siphon off nearly ₹50 lakh from unsuspecting investors.
Also Read: Foreign National Held with Cocaine Worth Over ₹51 Crore at Mumbai Airport
The accused, identified as Jai Hiralal Rajbhar (33), had been working with the society since 2012. Over the years, he collected funds from various members, primarily in cash, under the guise of Fixed Deposit (FD) investments. However, instead of depositing the collected amounts into the society's official account, Rajbhar allegedly diverted the funds for personal use.
Also Read: Maharashtra ATS Conducts Raids in Padgha, Thane in Connection with Terror Case
Investigations revealed that instead of using the society’s authorised Altimus BMS app for official transactions, Rajbhar used the unauthorised “Khatabook” app to maintain records. He issued fake receipts and sent misleading messages to investors through the app, successfully winning their trust.
The scam came to light on 18 April 2025, when two investors — Sachin Jaiswal and his father Rajesh Jaiswal — approached the office and claimed they had invested ₹12 lakh with Rajbhar over the past two to three years. Although they had received ₹8 lakh back, the remaining ₹4 lakh and accrued interest were still pending. When asked for receipts, they showed digital messages from the Khatabook app, which raised red flags with the society’s management.
A deeper audit revealed that several other members had also been duped in a similar manner. Rajbhar had issued them forged fixed deposit certificates that bore no official signatures or validation from the society. Upon verification, it was found that only a fraction of these deposits were actually recorded in the institution’s official books.
The management has accused Rajbhar of unauthorised use of digital platforms and manipulation of investors’ trust for fraudulent gains. A formal complaint in this regard was lodged at Mulund Police Station by Nilesh Ramlakhan Gupta. Police have launched a detailed investigation and are in the process of recording statements from other affected investors.
Further probe into the case is underway.