Nagpur: A major financial fraud has been unearthed at the Indora-based Utthan Nagari Cooperative Credit Society in Nagpur, where crores of rupees collected from investors have allegedly been siphoned off. The police have booked 21 individuals, including the society’s Chairman and 20 directors, in connection with the Rs 4.5 crore scam.
The action follows a complaint filed by Special Auditor Narayan Gadhekar, who investigated the society’s finances between 2019 and 2023. According to his findings, the society had accepted large sums from ordinary citizens under fixed deposit (FD) and savings schemes, promising returns as per cooperative norms. However, investors claim they never received their money back.
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29 May 2025
The accused, including Chairman Mahendra Janardhan Raut and the entire Board of Directors, allegedly gained the trust of the public through agents, collected deposits, and misused the funds for personal gain rather than organizational purposes.
When the returns failed to materialize, several investors raised complaints with the authorities. In response, a detailed probe by the Special Auditor revealed glaring irregularities and misappropriation of funds.
Police have now launched a full-fledged investigation and are in the process of gathering crucial documents and evidence. Given the scale of the fraud, legal proceedings have been fast-tracked.
The revelation has triggered panic and anger among depositors, many of whom fear losing their life savings. Investors have demanded that strict action be taken against the accused and that steps be initiated to recover and return their deposits.
