Ghatkopar Police have registered a cheating case against a cooperative credit society director and manager over alleged misappropriation of depositor funds | Representative Image
Mumbai, Jan 13: The Ghatkopar Police have registered a case of alleged cheating involving Rs 5.39 lakh against Sharad Laxman Bhave, 50, a director of the Late Savitribai Bhagoji Nimde Co-operative Credit Society, and the society’s manager, Santosh Salvi.
Deposits not returned after maturity
According to the FIR, the accused allegedly accepted fixed deposits and savings deposits from a depositor but failed to return the amount upon maturity. The complainant, Anil Rajaram Pangale, 39, a resident of New Dayasagar Chawl, Bhatwadi, Ghatkopar West, lives in the same locality as the accused.
The FIR states that Pangale came into contact with Bhave and Salvi in March 2015 through social work activities. The duo allegedly introduced him to the co-operative credit society, claiming it offered attractive returns on fixed deposits and Lakhpati deposit schemes, along with loan facilities against deposits during times of need.
Fresh investment and alleged cheating
Lured by the promise of good returns, Pangale opened savings accounts in his and his wife Shivanya Pangale’s names on December 9, 2017. Between 2017 and 2022, he invested in several fixed deposit schemes, for which he reportedly received returns on time.
However, on March 1, 2023, Bhave and Salvi allegedly visited Pangale’s residence and persuaded him to invest again, promising returns ranging from 10 to 13 per cent on fixed and Lakhpati deposits. Pangale subsequently invested Rs 4,95,729 in fixed deposits and Rs 43,905 in savings deposits in his and his wife’s names.
The fixed deposits matured on May 4, 2024, but the accused allegedly failed to return the amount. Pangale has further alleged that when he demanded his money, Bhave and Salvi abused and threatened him with dire consequences.
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Case registered
After realising that he had been cheated, Pangale approached the Ghatkopar Police, who registered a case for cheating amounting to Rs 5,39,634.
Police have booked the accused under Sections 318(4) and 316(5) of the Bharatiya Nyaya Sanhita (BNS), along with Section 3 of the Maharashtra Protection of Interest of Depositors (MPID) Act. Further investigation is underway.
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