Pune: Karve Nagar Housing Society Detects ₹32 Lakh Embezzlement; Ex-Administrator Among Two Booked

Pune: What began as a routine KYC update led to the discovery of an alleged Rs 32 lakh embezzlement at a cooperative housing society in Pune's Karve Nagar area. The newly elected managing committee uncovered the suspected financial irregularities after finding that most of the society's funds had disappeared from its bank account, prompting police action against a former administrator and his associate.

A case has been registered at Alankar Police Station (under the Pune City Police Commissionerate) against Atul Ramesh Mahajan, the former administrator and auditor of Neelkamal Co-operative Housing Society, and Shivaji Bhimrao Rathod for allegedly misappropriating society funds.

About The Alleged Embezzlement…

According to police, the complaint was lodged by society chairman Makarand Balkrishna Mandke and committee member Vidyagauri Tamhankar after discrepancies were noticed in the society's financial records.

The society maintained an account with Cosmos Bank, where nearly Rs 40 lakh, including fixed deposits and accrued interest, was expected to be available. However, when the newly elected management committee approached the bank in April 2026 to complete KYC formalities, members discovered that the account balance had fallen to just Rs 1.44 lakh.

Review Of Bank Statements Revealed Details…

A review of bank statements allegedly revealed that around Rs 32 lakh had been withdrawn through a series of cheques between March 2023 and January 2026. Investigators suspect that the funds were transferred to entities, including Om Media and Shivaji Rathod.

Society representatives alleged that Mahajan exercised exclusive control over the society's financial operations and banking transactions during his tenure as the authorised administrator, enabling the alleged diversion of funds.

Records show that Mahajan was appointed by the Deputy Registrar's office as the society's authorised officer from 2021 to 2025. After a new management committee was elected in March 2026, a review of the society's accounts reportedly exposed the irregularities.

Police have invoked provisions of the Bharatiya Nyaya Sanhita (BNS) sections pertaining to cheating, criminal breach of trust, and misappropriation. Officials are now tracing the money trail and investigating whether any additional individuals were involved in the alleged fraud.