21 Booked in ₹4.5 Crore Fraud at Nagpur Co-operative Society
Nagpur, India: A massive financial scam involving ₹4.54 crore has come to light at the Utthan Nagari Sahakari Patsanstha Maryadit, a co-operative credit society based in Indora, Nagpur. Twenty-one people, including senior office-bearers, have been booked for their roles in the fraud.
The accused reportedly include the society's president, vice-president, manager, and several directors. According to the police, the scam occurred between 2018 and 2023 and involved forgery, misuse of depositor funds, and fraudulent transactions.
The fraud came to notice after the society showed consistent losses. A special auditor, Narayan Gadhekar, appointed by the District Deputy Registrar, investigated the financial records and exposed major irregularities. The audit found that the accused diverted money, forged documents, paid illegal commissions, and misled investors with false information.
The society’s main office and six branches have since ceased operations. A liquidator has been appointed to wind up the institution.
The Sadar police have registered a case under IPC Sections 406, 409, 420, 467, 468, and 471. Although no arrests have been made yet, investigations are ongoing, and more action is expected in the coming days.
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