Major Cooperative Scam Exposed in Maharashtra: ₹2.31 Crore Fraud Surfaces, 21 Office Bearers Booked

A ₹2.31 crore fraud exposed at a rural credit cooperative in Sinnar, Maharashtra leads to 21 office-bearers, including the manager, being booked. Investigation continues.

Pune | 13 February, 2026- A major financial irregularity has surfaced in Maharashtra’s Nashik district after authorities uncovered an alleged ₹2.31 crore scam at a rural cooperative credit society in Sinnar taluka. Police have registered a case against 21 current and former office bearers, including directors and managerial staff, in connection with the suspected embezzlement and financial mismanagement. The case has triggered concern among depositors and raised fresh questions about regulatory oversight in the cooperative sector.

The scam revolves around Trimurti Gramin Patsanstha, a non-agricultural cooperative credit society operating in the Chas area of Sinnar. The institution, which provided loans and accepted deposits from local residents, is accused of engaging in financial practices that allegedly violated cooperative norms over an extended period.

According to preliminary findings from a financial audit, loans were sanctioned against pledged gold ornaments, and the same collateral was allegedly used to obtain additional loans from other banks. Such duplication of pledged assets is prohibited under financial regulations and indicates serious procedural breaches. In addition, investigators suspect that funds collected through recurring deposits and savings schemes were diverted or misused, resulting in an estimated loss of ₹2,31,15,330.

The irregularities came to light after multiple depositors complained about delays in the repayment of matured deposits. In response to these grievances, authorities initiated a special audit to review the society’s financial records. The audit reportedly uncovered inconsistencies in loan documentation, irregular accounting entries, and discrepancies in pledged gold records. Based on the auditor’s report, a formal complaint was filed with the police.

Following the complaint, a case was registered at the local police station against 21 individuals who served as presidents, vice-presidents, directors, and managers between 2010 and 2025. Investigators are examining whether the accused acted in collusion and whether the alleged fraud was systematically concealed over several years. Legal action has been initiated under relevant sections pertaining to criminal breach of trust, cheating, and financial misconduct.

The development has created unrest among members and depositors who had entrusted their savings to the cooperative. Rural credit societies like this play a crucial role in providing accessible financial services to small traders, farmers, and middle-income households. When governance failures occur in such institutions, the financial stability of entire communities can be affected.

Officials have indicated that the investigation is ongoing and that further scrutiny of financial transactions, gold pledge records, and board approvals is underway. Authorities may consider freezing assets or initiating recovery proceedings if evidence confirms large-scale diversion of funds. Additional arrests cannot be ruled out as the probe progresses.

Financial experts note that cooperative institutions require stronger internal controls and periodic audits to prevent misuse of depositor funds. Transparency in loan sanctioning, digital record maintenance, and independent oversight mechanisms are considered essential to restoring trust in the cooperative banking framework.

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