Case against Chandrapur credit society CEO, 11 others over Rs 8.6 crore investor fraud
Ramnagar police have booked the CEO and directors of Yehova Yire credit society on a complaint that 1,331 investors were cheated of Rs 8,59,95,838.
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A case has been registered at Ramnagar police station in Chandrapur in connection with the alleged fraud at the Yehova Yire credit society. The case names the society's CEO and 12 members of its board of directors. According to the police, the complaint says investors were cheated of Rs 8,59,95,838 after being lured with promises of high returns.
The written complaint was filed by Chandrakishor Namdev Mandavkar (52), a resident of Anandvan Chowk, Dwarkanagari, Borda, Warora taluka, Chandrapur district. He claims the money of a total of 1,331 investors is stuck. Mandavkar himself had invested Rs 8,84,174 in the society through various fixed deposits and commission.
On the basis of the complaint, police have taken action against Ramesh Shamrao Borkute, CEO of Yehova Yire Urban Credit Co-operative Society; president Sachin Haridas Panghate; vice-president Elijah Ramesh Borkute; manager and director Apeksha Snehdeep Job; and directors Atul Sopan Bansod, Durga Gaurang Mandal, Vaishali Madhukar Buchche, Pallavi Rishi Wasekar, Tejaswita Anitya Lokhande, Preeti Vinod Bhilkar, Vaibhav Gurudev Chaudhari and Vikas Devrao Dudhbale.
According to the complaint, the accused conspired and started the society on December 26, 2023, behind CDCC Bank on Warora Road in Chandrapur city. To attract ordinary people, the society had launched various schemes. These included a savings account with 4 per cent annual interest, a fixed deposit at 9.75 per cent interest, a TDS time deposit scheme, the Yuva Bachat Dhan scheme, a monthly savings scheme (MIS), the Kanyadan scheme aimed at the welfare of women and children, and a daily deposit scheme.
A large number of agents, field officers and area officers were appointed to take these schemes to households across Chandrapur district. Customer service points (CSPs) were opened at every taluka level, where money was collected from citizens and loans were also given to those in need.
However, in March 2026 the deposits of many investors matured, yet they did not get their money back. The society's employees and managers evaded the issue and only gave new dates. When the affected citizens and the complainant himself repeatedly followed up with CEO Ramesh Borkute, he sought six months to return everyone's money. Yet investors did not receive even a rupee within that period.
The complaint says the board of directors colluded among themselves, abused the investors' trust and cheated them by misappropriating a total of Rs 8,59,95,838.
Ramnagar police have registered the case under Section 3 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, along with Sections 3(5), 316(2), 316(5) and 318(4) of the Bharatiya Nyaya Sanhita (BNS), 2023. Sub-inspector Bharat Ramesh Thite is investigating the case further. The size of the alleged scam has caused concern among depositors.
