In a shocking case of financial fraud, the Borivali police have arrested Rajani Deshpande, the director of Gajanan Sahakari Credit Society, for defrauding two individuals of Rs.1.75 crore. Deshpande, along with 14 other office bearers of the society, allegedly promised substantial loans to the victims for construction projects but failed to deliver on their promises, leaving the victims in financial distress.
The complainants, Rajkumar Anirudh Ghadge, a farmer from Solapur, and Vaibhav Kadam, both approached the credit society with hopes of securing loans for construction work. Ghadge intended to use the funds for building a private school in his village, Deogaon, while Kadam was looking for a loan to construct an office-cum-residence.
The Fraud Scheme and Arrest
According to the police, Ghadge was promised Rs.30 crore for his school project and was asked to pay Rs.94.75 lakh for loan approval. Similarly, Kadam was assured a Rs.4 crore loan for his construction work and was charged Rs.80.25 lakh in advance. However, after collecting the money, Deshpande and her colleagues failed to secure the loans and began avoiding both complainants. When the victims realized they had been duped, they reported the incident to the Borivali police.
A case of misappropriation of funds and cheating was registered, leading to the arrest of Rajani Deshpande on Saturday. Deshpande was produced before the Borivali court, where she was remanded to police custody. The police have launched an extensive operation to apprehend the remaining 14 accused, including individuals such as Jitendra Kokreja, Sushim Gaikwad, Popat Mule, and others involved in the scam.
Continued Investigation and Search for the Remaining Accused
The police have confirmed that a manhunt is underway for the other accused, who are currently absconding. The fraudsters are facing serious charges under Indian Penal Code sections related to cheating, criminal conspiracy, and misappropriation of funds.
Authorities have urged the public to remain vigilant and report any information that could assist in the arrest of the remaining suspects. This case highlights the growing concern around financial frauds in cooperative societies, and the police are determined to ensure justice for the victims.
Conclusion
The arrest of Rajani Deshpande has brought some relief to the victims, but the search for the other culprits continues. The Borivali police are working diligently to bring all the accused to justice. This incident serves as a cautionary tale about the risks of dealing with financial institutions that do not have the proper transparency or accountability.
