Police arrest Jalgaon credit society chief who was on the run for 2 years
The chairman of a Jalgaon credit cooperative society, who has been eluding the police for two years, was arrested early Saturday morning from his Varangaon residence in Bhusawal, Jalgaon district. Chandrakant Badhe, 63, is the main accused in the scam involving the Sahakari Shri Chandrakant Hari Badhe Sir Urban Credit Cooperative Society.
Badhe has several criminal cases pending against him all over the state for allegedly cheating people by offering high interest on investments and low interest for loans. The total amount involved in all the cheating cases is reportedly Rs 250 crore, said sources.
The police raided Badhe’s house at around 1.30 am and caught him by surprise, said Palghar police in-charge senior inspector Nilesh Mainkar.
Badhe started the credit cooperative society in 1989, It has 78 branches in Nashik, Pune, Raigad and other cities across the state. Upto 23 branches are shut as the society did not pay back investors. He had also started a branch in Palghar and allegedly cheated investors of nearly Rs 15 lakh by promising high interest on deposits, said Mainkar.
On June 13, 2012, an FIR was registered by a retired college professor, Arun Sindkar, and two directors of the society, Eknath Mhatre and Sharad Chowdhary, were arrested. But the main accused, Badhe, remained absconding, said Mainkar. “We had registered cases under IPC sections 420 (cheating) and 409 (criminal breach of trust) against Badhe and all the directors,” said Mainkar.
Badhe was remanded to judicial custody for a fortnight when produced before the Palghar court on Saturday, said police.
“There are numerous FIRs registered in various police stations across the state and we expect transit remands for him,” said a policeman. The Maharashtra State Federation Cooperative Credit Societies Ltd, India, has appointed 40 special recovery officers to deal with the Jalgaon bank and its investors in various branches all over the state, said police sources.
Badhe has several criminal cases pending against him all over the state for allegedly cheating people by offering high interest on investments and low interest for loans. The total amount involved in all the cheating cases is reportedly Rs 250 crore, said sources.
The police raided Badhe’s house at around 1.30 am and caught him by surprise, said Palghar police in-charge senior inspector Nilesh Mainkar.
This is the same credit society that had, in 2006, given a loan of Rs 10 crore to Nashik contractor Ramrao Patil. After that, the society’s financial health started deteriorating. Patil had allegedly fraudulently obtained the signatures of his conservancy staff to get the loan amount in their names.
Badhe started the credit cooperative society in 1989, It has 78 branches in Nashik, Pune, Raigad and other cities across the state. Upto 23 branches are shut as the society did not pay back investors. He had also started a branch in Palghar and allegedly cheated investors of nearly Rs 15 lakh by promising high interest on deposits, said Mainkar.
On June 13, 2012, an FIR was registered by a retired college professor, Arun Sindkar, and two directors of the society, Eknath Mhatre and Sharad Chowdhary, were arrested. But the main accused, Badhe, remained absconding, said Mainkar. “We had registered cases under IPC sections 420 (cheating) and 409 (criminal breach of trust) against Badhe and all the directors,” said Mainkar.
Badhe was remanded to judicial custody for a fortnight when produced before the Palghar court on Saturday, said police.
“There are numerous FIRs registered in various police stations across the state and we expect transit remands for him,” said a policeman. The Maharashtra State Federation Cooperative Credit Societies Ltd, India, has appointed 40 special recovery officers to deal with the Jalgaon bank and its investors in various branches all over the state, said police sources.
