Beed: Cracking down on the multi-crore investment fraud involving Dnyanradha Multi-State Co-operative Credit Society, the Maharashtra government has attached plant, machinery and related assets valued at ₹227,00,48,836 across nine industrial facilities.
The action was initiated after the co-operative society failed to refund matured deposits to investors, prompting fears that the management would default permanently.
Acting under the directive of the Governor of Maharashtra, the Principal Secretary (Special) issued the formal attachment order on October 1.
The attached properties comprise seven industrial units in Beed district, one at Sayyadpur in Chhatrapati Sambhajinagar district, and a dairy processing facility at Nimbhore in Satara district’s Phaltan tehsil.
To safeguard investor interests, manage the attached assets and oversee the recovery process, the government has appointed the Sub-Divisional Magistrate (Deputy Collector) of Beed as the competent authority.
According to the order, the chairman, board of directors, management and key personnel of Dnyanradha Multi-State allegedly lured thousands of depositors by promising high returns upon maturity. However, the society defaulted on payouts after the tenure lapsed.
Following widespread investor complaints, police registered 110 FIRs against the society’s top brass across various police stations, including Vaijapur Police Station in Chhatrapati Sambhajinagar. The accused face charges under Sections 406 (criminal breach of trust), 409, 417, 420 (cheating), 467, 120-B (criminal conspiracy) and 34 of the Indian Penal Code (IPC), read with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (MPID), and Sections 21 and 22 of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019.
