The vice president and secretary of Mumbai Nagrik Sahakari Patsanstha, a cooperative credit society, were apprehended on Wednesday night on charges of deceiving numerous depositors by promising substantial returns, resulting in embezzlement amounting to crores of rupees. Brothers Ashish Praveen Bhalerao and Amit Praveen Bhalerao were arrested after their anticipatory bail requests were denied by both the sessions court and the high court.
One of the accused apprehended in Fort area
Subsequently, one of the accused was apprehended in Saat Rasta and Fort area by investigator Sudarshan Chavan, who took action as the accused had switched off their mobiles and constantly changed locations following the denial of bail. The investigation originated from a complaint filed by a 57-year-old woman in October 2023. The inquiry revealed an embezzlement of Rs7 crore through the cooperative credit society. In response, the organisation's committee is being dismissed, and administrative audits are being conducted.
FIR lodged against committee members of Mumbai Nagrik Sahakari Patsanstha
.jpg)
.jpg)
An FIR was lodged against committee members of Mumbai Nagrik Sahakari Patsanstha for failing to return funds to account holders. Two individuals have been arrested thus far, with ongoing investigations into eight others associated with the committee.
The police officer disclosed that the cooperative credit society enticed individuals to invest in various schemes, promising lucrative profits, but failed to return the money to nearly 4,000 account holders. A police official said that in the month of October, a case was registered under vavious sections of the Indian Penal Code and relevant sections of the Maharashtra Protection of Depositors' Interests (in Financial Establishments) Act, 1999.
.png)
