Navi Mumbai Police Book Credit Society Officials In ₹6.67 Crore Loan Scam

The Navi Mumbai Police have registered a case against several office-bearers of the Baburao Ramishte Mathadi Kamgar Cooperative Credit Society for allegedly embezzling ₹6.67 crore by sanctioning fraudulent loans.

The case was registered by the Economic Offences Wing (EOW) at the APMC Police Station under various provisions of the Bharatiya Nyaya Sanhita (BNS), including charges of cheating, forgery, criminal conspiracy and the use of forged documents.

According to the police, the accused allegedly created fake memberships in the names of Mathadi workers and processed bogus loan applications without their knowledge or consent. The loans were approved using forged signatures and fabricated documents, resulting in the alleged siphoning of ₹6.67 crore from the cooperative credit society.

The Baburao Ramishte Mathadi Kamgar Cooperative Credit Society operates from the sixth floor of the Central Facility Building in the APMC market and primarily serves the financial needs of Mathadi workers. The fraud surfaced after several workers discovered unauthorised loans in their names.

Following a written complaint by 39-year-old Mathadi worker Akash Jagtap, the Economic Offences Wing's Unit III initiated an inquiry, which led to the registration of an FIR. Officials named in the FIR include Pradeep Jagannath Ramishte, Sachin Bapu Devkate, and Umesh Hindrao Kesare, among others.

The preliminary investigation has revealed that forged documents and fabricated signatures were allegedly used to obtain loans in the names of Mathadi workers without their consent. A case has been registered, and all financial records and related documents are being examined.

The alleged misappropriation of funds from a cooperative society established for the welfare of Mathadi workers has triggered outrage among workers, many of whom have demanded strict action against those responsible. Police said the investigation is continuing to ascertain the exact role of each accused and whether more individuals were involved in the alleged conspiracy.

The cooperative credit society was established to provide financial assistance to Mathadi workers, who are an essential part of the supply chain in the APMC market. The alleged scam has raised concerns about the misuse of power and the exploitation of vulnerable workers.

The Navi Mumbai Police have assured that they will take strict action against those responsible for the alleged scam. The investigation is ongoing, and more details are expected to emerge in the coming days.

The case highlights the need for greater transparency and accountability in cooperative societies, which are established to serve the needs of their members. It also underscores the importance of vigilant oversight and regular audits to prevent such scams from occurring in the future.

In conclusion, the alleged loan scam in Navi Mumbai has sent shockwaves among Mathadi workers and has raised concerns about the misuse of power and the exploitation of vulnerable workers. The police investigation is ongoing, and it remains to be seen what action will be taken against those responsible for the alleged scam.