After Adarsh Co-operative Credit Society Limited (ACCSL) scam, another co-operative society in the state has siphoned off Rs 26 crore of investors’ money, the Special Operations Group (SOG) of Rajasthan police has found.
SOG had arrested 11 officebearers of ACCSL last month for allegedly siphoning off more than ₹1,400 crore of investors’ funds.
In the present case, SOG has found that Sundaram Credit Co-operative Society Limited (SCCOSL) allegedly distributed loan of Rs 26 crore fraudulently to the relatives of the directors in 2015-16. One of the accused had worked as a cashier in ACCSL and opened SCCOSL in 2012.
“In initial investigations we found that directors of SCCOSL had siphoned money of around 26,000 investors and 20 FIRS had been registered against the operators and directors of the society in many police stations of Jodhpur, Pali, Sirohi and Jalore,” said Satpal Midha, additional SP and in-charge of economic offences wing of SOG.
“In 11 cases, police had filed charge sheet against two directors Vinay Rawal and Santosh Rawal and the then president Leharchand Chipa after which they were arrested. Later, the three approached the high court. On the orders of the high court, the investigation was transferred to the SOG,” said Midha.
“We have found that the mastermind in siphoning the money was Dilip Rawal who used to work as a cashier in ACCSL. We have found that the charges against the society are true. Rs 26 crore, which is money of investors, was transferred to the bank accounts of his (Dilip) brothers Vijay Rawal and Vikram Rawal, his sister-in-law Santosh Rawal, the then president Leharchand Chipa, director Anil Joshi and other relatives.”
Vikram Rawal, the then operator of SCCOSL, Dilip, and Chipa have been arrested. Police are recording statements of Vijay, his wife Santosh, Joshi and their relatives after which further action would be taken. SOG officials said they have also written to various banks to provide them account statements of the accused.
Midha said Dilip used to get a salary of Rs 23,000 as ACCSL cashier. In 2012, he quit the job and formed SCCOSL; he made family members and relatives owners and director. SCCOSL has 22 branches in Rajasthan, Gujarat and Maharashtra.
Midha said many cooperatives societies are on the radar of SOG. “There are more than 100 such societies in Rajasthan. Till now we have found that around 400 criminal cases are registered against the societies. Opening societies has become a hot business as they are exempted from income tax irrespective of their turnover,” he said.
Jun 17, 2019 13:52 IST
Article source: https://www.hindustantimes.com/jaipur/rajasthan-credit-co-operative-society-siphons-rs-26-crore-of-26-000-investors/story-GgbTKTsVducOvHjWlclm7H.html