Sinnar Cooperative Scam Uncovers ₹2.31 Crore Fraud, 21 Office Bearers Booked
Sinnar Cooperative Scam Uncovers ₹2.31 Crore Fraud, 21 Office Bearers Booked
Alleged gold-loan misuse and embezzlement at a rural credit society in Nashik’s Sinnar taluka has led to police action against former directors and the manager.
A major cooperative sector fraud has been reported from Nashik district’s Sinnar taluka, where a rural credit institution is accused of financial misappropriation amounting to more than ₹2.31 crore.
Police have registered a case against 21 former office bearers, including the manager, in connection with the alleged scam at Trimurti Gramin Patsanstha, a rural non-agricultural cooperative credit society operating in the Chas area.
According to the complaint, the fraud involved loans being taken against pledged gold ornaments, after which additional loans were allegedly raised from other banks using the same pledged assets. Investigators also suspect that deposit money collected through daily transactions was misused and diverted without proper authorisation.
The total embezzlement has been estimated at ₹2 crore 31 lakh 15 thousand 330, creating concern among depositors and triggering a stir in the cooperative financial sector of the region.
The case was registered at Vavi Police Station based on a complaint filed by auditor Rustam Sarangdhar Kapate, who was appointed to review the society’s accounts after depositors raised repeated concerns about not receiving their matured deposits.
Officials said the alleged irregularities were uncovered during the audit, following which police booked the manager along with several current and former board members. The accused include individuals who served as president, vice-president, directors and other office holders during different periods between 2010 and 2025.
Authorities noted that complaints regarding delayed repayment of deposits had been received earlier, prompting Deputy Registrar to take cognisance and initiate an audit. After the alleged fraud came to light, cooperative officers were appointed as administrators about a year ago to oversee the institution’s functioning.
Police are continuing further investigation into the financial transactions and the role of those named in the case.
