A massive financial fraud of over ₹4.54 crore has been uncovered at the “Utthan Nagari Sahakari Patsanstha Maryadit”, located in Indora, Nagpur. The scam was exposed during a five-year audit from April 2018 to March 2023 conducted by Special Auditor (Class II) Narayan Gadhekar, who is currently posted in Nagpur.
According to the complaint, 21 office bearers and directors, including manager Shashikant Naranware, chairman Mahendra Raut, vice-chairman Sanjay Gajghate, and others, collectively conspired to accept illegal deposits from members without proper records and failed to return them. They also submitted falsified financial statements to the authorities, misguiding depositors and the government.
The accused are alleged to have misused public funds for personal gain by issuing illegal commissions to agents and disbursing unauthorized payments to recovery officers. The total embezzlement reported stands at ₹4,54,68,237.
Jaripatka Police have registered a case under IPC Sections 406, 420, 409, 465, 467, 471, 477(A), and 120(B) based on the complaint filed by Gadhekar.
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