Chandrapur Credit Society Scam: Rs 8.5 Crore Cheated from Investors
Chandrapur's Economic Offences Wing seeks documents from investors defrauded by a credit cooperative society.
Investors lost a total of Rs 8.5 crore.
The credit society promised high returns on deposits.
Nine directors are under investigation by the EOW.
In a significant financial fraud case, the Economic Offences Wing (EOW) of Chandrapur police has urged investors who were allegedly defrauded of Rs 8.5 crore by a local credit cooperative society to come forward with their investment documents. This appeal aims to streamline the identification of victims and facilitate the recovery process.
The credit society, which was established in Chandrapur in 2023, attracted local investors by offering enticing deposit schemes with promises of annual interest rates as high as 9.75% on fixed deposits. Additionally, it provided various recurring and monthly investment plans that lured many into investing their savings. However, the reality turned grim as complaints began to surface regarding the society's failure to return the promised amounts.
Chandrakishor Mandavkar, a 52-year-old resident of Warora, reported that he was cheated out of Rs 8.8 lakh. Following his complaint, police investigations revealed that 1,331 other investors had also fallen victim, collectively losing a staggering Rs 8.5 crore. In response to these allegations, a case has been registered at the Ramnagar police station against nine directors of the society, invoking relevant sections of the Bharatiya Nyaya Sanhita and the Maharashtra Protection of Interest of Depositors (MPID) Act of 1999.
The EOW is actively pursuing the investigation, and has requested that affected investors who have not yet received their funds submit essential documents. These include deposit certificates, payment receipts, Aadhaar and PAN cards, and a photocopy of their nationalized bank passbook, along with a completed Appendix-I claim form. This documentation is to be submitted at the EOW office located within the Superintendent of Police’s office in Chandrapur.
As the investigation unfolds, the implications of this scam extend beyond the immediate financial losses for the investors. It raises concerns about the regulatory oversight of credit societies in Maharashtra and the protection of investors' interests. The EOW's efforts to recover the lost funds and bring the perpetrators to justice will be closely monitored, as many affected individuals await the resolution of their claims and the return of their investments.
