Mumbai: A major scam involving fraudulent loans amounting to approximately Rs 1.74 crore has come to light at the Konkan Vikas Co-operative Credit Society, based in Naigaon, Mumbai. The scam was uncovered during the 2023–24 audit conducted by government-recognized auditor Suresh Ganpat Kashid.
Former office bearers of the Konkan Vikas Co-operative Credit Society, located in Naigaon, Mumbai, have been booked in a major loan fraud case. According to the complaint, former chairman Krishna Hari Shide and former secretary Kunal Krishna Shide allegedly sanctioned loans on 21 November 2015 to Gufran Ali Sheikh, Anwar Ali Sheikh, Iman Ali Sheikh – each receiving Rs. 45 lakh, and A fictitious person named Ijaz Khan receiving Rs. 39,52,900. Totaling to Rs. 1,74,52,900. The loans were allegedly taken without any intention of repayment, and the funds were misappropriated, thereby betraying the trust of the society and committing fraud.
Additionally, the society’s director Namita Nitin Waje and manager Manohar Jayaram Gurav are accused of assisting in the commission of the crime. A formal case has been registered against all the individuals involved.
According to Kashid, while auditing the society’s accounts along with his team, several fake loan cases were identified. It was found that the then-chairman Krishna Hari Shinde and secretary Kunal Krishna Shinde had sanctioned loans of Rs 43 lakh each in the names of Gufran Ali Sheikh, Anwar Ali Sheikh, and Eman Ali Sheikh through cheques. Additionally, they disbursed Rs 39.52 lakh in cash in the name of a fictitious person, Ejaz Khan. In total, Rs 1 crore 74 lakh 52 thousand 900 was disbursed without valid documentation, approval orders, or proper loan proposals.
Further investigation revealed that 'Ejaz Khan', in whose name the cash loan was disbursed, does not exist. The accused allegedly misused these loans for personal gain, defrauding the co-operative society.
The role of the society's director, Namita Nitin Waje, and administrator, Manohar Jayaram Gurav, has also been found to be suspicious in the matter. Auditor Kashid has filed a formal written complaint at Bhoiwada Police Station, Mumbai. Based on this, the Assistant Registrar of the Co-operative Department, Shrikrishna Wadekar, ordered an FIR to be registered. A detailed investigation is now being demanded to ensure strict action against the culprits and to restore faith in the co-operative banking system.
