Mumbai: EOW Takes Over Probe Into ₹17.88 Crore Sumitra Cooperative Credit Society Fraud, Forged Loan Accounts Alleged

Mumbai, September 7, 2026: The Economic Offences Wing (EOW) has taken up an investigation into an alleged Rs 17.88 crore financial fraud at Sumitra Cooperative Credit Society Limited, Mumbai, involving its directors, office-bearers and employees.

The case was registered at D.B. Marg Police Station following a complaint by chartered accountant Santosh Gangaram Shigwan, who was authorised by the Office of the Commissioner and Registrar of Cooperative Societies, Maharashtra, to initiate criminal proceedings based on irregularities detected during the statutory audit of the society.

According to the FIR, complainant Shigwan was appointed to conduct the statutory audit of the society for the financial year 2023-24. During the audit, he allegedly detected several financial irregularities, including the creation of fraudulent loan accounts, disbursal of loans without mandatory documents and alleged misappropriation of loan amounts.

The alleged irregularities relate to the society's head office and branches at Andheri, Mulund, Nalasopara and Dapoli.

The complaint names former office-bearers including president Rajaram Govind Gorivale, vice-president Pandurang Sayaji Thore, directors Sudhakar Kanu Misal, Mahadev Sakharam Jadhav, Pravin Shantaram Ghang, Milind Bacchu Amberkar, among others.

Society secretary and special executive officer Manohar Shankar Lale and Mulund branch manager Amol Manohar Lale, along with other officials and employees, have also been named.

Loans Allegedly Sanctioned Using Forged Signatures

According to the complaint, between 2010 and March 31, 2024, the accused allegedly entered into a criminal conspiracy and prepared loan files in the names of certain members without their knowledge or consent.

The complaint alleges that forged signatures were used on loan application forms, after which the loans were sanctioned and the money allegedly diverted for personal benefit.

In some cases, although the borrowers allegedly repaid the loans, the repayments were not recorded in the society's books of accounts. Despite this, the borrowers were allegedly issued No Objection Certificates (NOCs) showing that their loans had been repaid.

The audit also allegedly found cases where loan recovery was made through the personal savings account of Manohar Lale maintained with the society.

Loans Disbursed Without Mandatory Documents

The complaint further alleges that loans were sanctioned from the society's head office, Andheri and Dapoli branches without completing mandatory documentation.

In several cases, the society allegedly failed to obtain loan applications, loan agreements, promissory notes, mortgage deeds and other security documents before showing the loans as disbursed.

The audit reportedly identified several such loan accounts involving members and persons allegedly connected to the society's officials.

The total amount involved in this category of alleged irregular lending and misappropriation has been stated as Rs 1.40 crore.

The complaint further alleges that in certain cases, loan amounts were recovered from borrowers but were not deposited back into the society, and certificates showing repayment were allegedly issued to the borrowers.

Overall Alleged Loss Of Rs 17.88 Crore

According to the complaint, the various alleged irregularities, fraudulent loan transactions and misappropriation resulted in an alleged financial loss of Rs 17,88,82,225 (Rs 17.88 crore) to Sumitra Cooperative Credit Society and its members.

The complainant has alleged that the office-bearers, directors and employees acted in connivance with one another and misused their positions to sanction and divert funds.

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The statutory audit report detailing the alleged irregularities was submitted to the authorities in June 2025. Subsequently, the Commissioner and Registrar of Cooperative Societies authorised the complainant to lodge a criminal case.

A case has now been registered at D.B. Marg Police Station, and the Economic Offences Wing is conducting further investigation into the alleged fraud, including the role of the society's office-bearers, employees and beneficiaries of the disputed loans.

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