Maha: Two held for fraud of more than Rs 21 cr at co-op credit society in Nashik

Representational picture

Two persons have been arrested in connection with a fraud of more than Rs 21 crore at a cooperative credit society in Maharashtra's Thane district, police said on Saturday.

The police have arrested two persons involved in cheating investors and account-holders of Late Subhashchandji Parakh Urban Co-operative Credit Society in Yeola tehsil of the district, an official said.

The police in 2021 had registered a case against the chairman, board of directors, manager and employees of the credit society under relevant sections of the Indian Penal Code, Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 and Maharashtra Co-operative Societies Act, 1961.

Acting on a tip-off, the police nabbed the main accused Ajay Bhagchand Jain from Manmad town on Friday and the other accused Akshay Ravindra Chhajed was also apprehended the same day.

The duo has been remanded to police custody and the Economic Offences Wing (EOW) is probing the matter.

Meanwhile, in a shocking case of human sacrifice, a nine-year-old boy was brutally killed, and his body was half-buried in Maharashtra's Nashik district. The incident occurred in Malegaon taluka on July 16, and the police have arrested all four individuals involved in the crime.

Also read: DRI Mumbai unit seizes high-value smuggled watches, arrests suspect in major breakthrough against smuggling

According to an official, the accused abducted the boy while he was playing in a field in Pohane Shivar village. They then slit his throat and half-buried his body in the ground. The boy's body was discovered on July 18, leading to the registration of a murder case.

Investigations have revealed that the accused, all residents of the same village, were in search of a hidden treasure and carried out the heinous act as part of a ritual.

Earlier in the day, IAS officer Jalaj Sharma has been posted as the collector of Maharashtra's Nashik district, while A N Karanjkar has been appointed as the new civic commissioner.

The duo was among 41 Indian Administrative Service (IAS) officers who were transferred by the state government on Friday.

A 2009 batch officer, Karanjkar was the commissioner of ESIS in Mumbai and has now been appointed as the chief of the Nashik Municipal Corporation (NMC), the official said.

District collector Gangatharan D has been posted as the joint commissioner of the Brihanmumbai Municipal Corporation, and 2014-batch officer Jalaj Sharma, who was the collector of Dhule, has taken his place, he said. (Agencies)