EOW Takes Over ₹17.88 Crore Fraud Probe at Mumbai Cooperative Credit Society
The Economic Offences Wing (EOW) has begun investigating an alleged ₹17.88 crore financial fraud at Sumitra Cooperative Credit Society Limited in Mumbai. The case was registered following a complaint by chartered accountant Santosh Gangaram Shigwan, appointed to conduct the statutory audit for 2023-24, who detected multiple irregularities including fraudulent loan accounts, loans disbursed without required documents, and alleged misappropriation.
The complaint names former office-bearers including president Rajaram Govind Gorivale, vice-president Pandurang Sayaji Thore, and several directors, along with society secretary Manohar Shankar Lale and branch managers. Irregularities span the society's head office and branches in Andheri, Mulund, Nalasopara and Dapoli.
According to the FIR, between 2010 and March 2024, accused allegedly prepared fraudulent loan files using forged signatures without members' knowledge or consent. Loans were sanctioned and money allegedly diverted for personal benefit, even as some borrowers made repayments.
