Economic Fraud
Father-Son Duo Arrested in Maharashtra for Rs 3,500 Crore Dnyanradha Multistate Co-operative Credit Society Fraud
The Pimpri Chinchwad police have arrested a father and son duo for their alleged involvement in a massive fraud of Rs 3,515 crore linked to a credit society in Maharashtra’s Beed district. The two were apprehended at a shopping mall in Wakad following a tip-off.
In a significant breakthrough, the Pimpri Chinchwad police arrested a father and son on Friday for their alleged role in a colossal fraud amounting to Rs 3,515 crore. The scam is connected to the Dnyanradha Multistate Co-operative Credit Society, located in the Beed district of Maharashtra.
The accused have been identified as Yashwant Vasant Kulkarni, 55, and his son, Vaibhav Yashwant Kulkarni, 24. Both hail from Shinde Nagar in Beed. According to the police, Yashwant Kulkarni held the position of vice chairman, while his son Vaibhav served as a director of the Dnyanradha Multistate Co-operative Credit Society, which is part of the Kute Group in Beed.
The arrest was made following a tip-off received by police havaldar Ganesh Girigosavi. A team from the crime branch of Pimpri Chinchwad police laid a trap and nabbed the duo at a shopping mall in Wakad.
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The scam, which involved cheating nearly 4.5 lakh depositors from 52 branches of the credit society, promised high returns on fixed deposits but resulted in significant financial losses. The police have registered multiple FIRs related to this massive fraud across various locations over the past few months.
The police also revealed that the Kulkarnis were wanted in as many as 42 offenses related to the scam. Both were suspected of living in hiding in Punawale. The accused were handed over to Beed police for further investigation.
The Enforcement Directorate had earlier conducted raids across different locations in Maharashtra in connection with the alleged money laundering and financial fraud linked to the Dnyanradha Multistate Co-operative Credit Society. Several others, including Suresh Kute, chairman of the cooperative society, had been arrested in connection with this case.
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