Team Goemkarponn
PANAJI: The Economic Offences Cell (EOC) has taken into custody four former director of the Ashtagandha Urban Credit Cooperative Society Ltd for their alleged involvement in a ₹11.28 crore financial fraud.
The arrests were made following a complaint lodged by Mangesh Phadte, who currently heads the Committee of Administrators overseeing the Society.
Phadte was appointed by the Registrar of Cooperative Societies after irregularities came to light.
According to the complaint, a total of 11 individuals, including ex-board members, officers, and former CEOs, are accused of conspiring to defraud the Society before July 14, 2023.
The accused allegedly approved bogus loans using forged documentation, conducted unauthorised transactions with non-members, and made illicit fund withdrawals.
The complaint further states that Society funds were diverted into personal accounts of the accused, and operations were carried out in blatant violation of the Goa Co-operative Societies Act, as well as the Society’s own rules and bye-laws.
These fraudulent actions have reportedly led to the Society’s failure to honour deposit repayments, causing a cumulative loss of ₹11.28 crore to its members and depositors.
The investigation remains ongoing, with more arrests and financial audits expected as authorities work to trace the misappropriated funds.
