According to the HT reports, several functionaries of Mumbai Nagrik Sahakari Patsanstha including chairman Shantaram Tube, vice-chairman Amish Bhalerao, administrator Usha Chavan and others on the board of directors are alleged to have misappropriated depositors’ huge amount of money promising high returns.
The three of the duped depositors lodged a complaint with the local police accusing the society’s office bearers of having defrauded them of Rs 1.41crore.
The depositors had been requesting the society for a long time to return their money but to no avail. The cooperative credit society had nine branches, but eight of them were shut.