Case against Yehova Yire society directors in Chandrapur; Rs 8.60 crore of 1,332 investors stuck

A fraud case has been registered in Chandrapur against the directors of Yehova Yire Urban Credit Co-operative Society Limited. According to police, the complaint says about Rs 8.60 crore belonging to 1,332 investors is stuck in the society. The directors are alleged to have collected the money by luring people with high interest. The Economic Offences Wing in Chandrapur is investigating the case, and the news has caused alarm in the district.

Police said the complaint was filed by Chandrakishor Namdev Mandavkar, 52, a resident of Anandwan Chowk, Dwarkanagari Borda, Warora taluka, Chandrapur district. According to the complaint, the society began operating in Chandrapur on October 23, 2023, and its registration number is CHD/CHD/RSR/CR130/2023-24.

The complaint names Apeksha Snehdip Job, Atul Sopan Bansod, Durga Gaurang Mandal, Vaishali Madhukar Buche, Pallavi Rushi Wasekar, Tejaswini Atitya Lokhande, Priti Vinod Bhilkar, Vaibhav Gurudev Chaudhary and Vikas Devrao Dudhbale as directors. It is alleged that the directors had employed agents, managers and other staff locally.

According to the complaint, the accused took money from ordinary people in the name of several attractive schemes. The society had promised 4 per cent annual interest on savings accounts and 9.75 per cent on fixed deposits. Under the TDS Time Deposit Scheme, it was stated that paying Rs 1,399 for 22 months would yield Rs 84,174 in the 24th month. The other option was to pay Rs 68,000 once and receive Rs 84,174 after 24 months.

The complaint also says that under the Yuva Bachat Dhan Yojana, Bachat Dhan Yojana and MIS monthly savings scheme, people were enticed with the benefit of a daily deposit plan of Rs 4,52,928 on paying Rs 14,145 quarterly, Rs 28,290 half-yearly or Rs 56,580 annually.

The amounts, as alleged, are as follows: Rs 8,84,174 from complainant Mandavkar and Rs 8,51,11,664 from the remaining 1,331 investors, a total of Rs 8,59,95,838 deposited with the directors. According to the complaint, the money was not returned as promised.

On this basis, a case has been registered at Ramnagar police station under Sections 318(4), 316(5), 316(2) and 3(5) of the Bharatiya Nyaya Sanhita, along with Section 3 of the MPID Act, 1999. A detailed investigation is currently with the Economic Offences Wing.

Police said work on compiling a list of the amounts owed to affected investors is under way on a war footing. Investors who have not yet got their money back have been asked to bring the investment certificate, deposit receipts, Aadhaar card, PAN card and photocopies of the passbook of the nationalised bank account into which they want the money.

Under Maharashtra government circular No. MPID/Pra.Kra. 09/Pol-11 dated February 25, 2019, investors must submit an application in the prescribed form at Appendix-1. For this they must appear in person at the Economic Offences Wing office in the Superintendent of Police office complex, Durgapur. The appeal was made by Atul Kavle, assistant police inspector of the Economic Offences Wing.