Money will be returned with interest by July end

Lokmat News Network

Chhatrapati Sambhajinagar

The directors of Adarsh Urban Co-operative Credit Society were absconding after cases of scam of Rs 202 crore were registered against them with the Cidco police station on Tuesday. The depositors were aware of the scam much before and hence they threatened to launch a hunger strike to get their money back. The president of the society Ambadas Mankape on Monday wrote a letter to the depositors that their money will be returned by July end with interest and that they should not initiate the hunger strike.

The society has around 40 branches across the district. Hundreds of depositors had deposited their money as the society was paying a high rate of interest. However, the board of directors misappropriated the funds.

Police said, in the first phase, the loans of Rs 99,07,90,579 were distributed to 24 depositors, and Rs 91,79,44,064 were distributed to 108 loan applicants in three years.

PI Sambhaji Pawar is further investigating the case. On Tuesday, four depositors lodged complaints. Police are searching for the absconding directors. The police will investigate the details of the bank accounts of the accused.