Nashik: Embezzlement Scandal Rocks Sukmal Urban Co-operative Credit Institution

Allegations of embezzlement and fraudulent practices have surfaced at the Sukmal Urban Co-operative Credit Institution in Nashik.

Mahadev Tikkas, an 81-year-old resident of Adgaon, has lodged a detailed complaint against several key figures within the institution, including the former president, board of directors, and manager.

According to Tikkas' complaint, the accused devised a scheme to entice unsuspecting investors by promising attractive returns on fixed deposits. Entrusted with lakhs of rupees, Tikkas and others were assured of profitable outcomes. However, investigations have revealed a disturbing pattern of misconduct, wherein the suspects allegedly diverted these funds for personal use.

Through purported manipulation of loan transactions and failure to honour fixed deposit agreements, the suspected individuals stand accused of embezzling a staggering amount exceeding ₹33 lakh.

This intricate web of financial deception has prompted a rigorous investigation by the Panchvati Police, who are diligently piecing together evidence to bring those responsible to justice.