MUMBAI: A complaint about an alleged diversion of funds and misuse of depositors' monies in a cooperative credit society located in South Mumbai by its directors has been lodged by a social worker and RTI activist with the Maharashtra Cooperatives Commissioner.

The social worker Mahesh (Bala) T Vengurlekar in his complaint dated November 08, 2021, to various authorities has listed frauds committed by Shantaram Tupe (Chairman) and Ashish Bhalerao (Vice-Chairman) of the Mumbai Nagrik Sahakari Pat Sanstha (credit society) located at Lalbaug, in South Mumbai. 

He says these two top board members are responsible for diverting crores of rupees of the society and have utilized these monies for their own personal benefits in their real estate business. According to Vengurlekar, these directors of the society which has 9 directors has 6 branches in the state, are responsible for even defrauding the Sahyadri Co-operative Bank Lalbaug Branch.

Vengurlekar has through this complaint brought forth the frauds committed by Bhalerao, who he says is the key suspect and one of the Partners of a real estate firm called, Adinath Developers and is responsible for swindling funds from the credit society which he has diverted to several housing projects in Talegaon, Shahapur in Bhiwandi taluka. He says Adinath Developers has a turnover of Rs 150 crore. 

According to Vengurlekar, Tupe and Bhalerao have also taken a loan from the Dattatray Kalambe Bank located at Dadar in Central Mumbai, in the name of the credit society and have utilized the money for their own business.

He further says that in addition Tupe and Bhalerao have obtained an overdraft loan from the Sahyadri Sahakari Bank, Lalbaug branch, using the society as collateral security and utilizing the depositors' money for their personal projects. 

As per his submission Ramesh Korde, CEO of the Sahyadri Sahakari Bank, Lalbaug has already lodged a complaint at Kalachowki Police Station, on August 27, 2021, about the alleged misuse of funds and financial mismanagement in the society by Tupe and Bhalerao, the complainant as stated, in the FIR No. 386 of 2021 registered against them in the Kalachowki Police Station.

Vengurlekar has alleged that both these directors have committed fraud to use the depositors' money for their personal business ventures by taking into confidence some of the employees of the society. "The employees/directors in Mumbai Nagrik Shatarupa Patsanstha are hand-in-gloves with these Two. Prominent among them are general manager Atul Bhosale, manager Usha Sawant Patil and manager Kasim who are hand in gloves with these two, for defrauding the depositors mishandling the funds of the credit Society," he says.

Listing the commercial activities of Vengulekar has given the following details:

The Partners of Adinath Developers are, a) Shrikant Bhadravallabh Adap, b)Rahul Sopan Padwal, c) Ashish Pravin Bhalerao and d) Nitin Uddhav Hande, The company has launched the housing project at Bhiwandi under the name 'Royal Flora'. These partners are just front names as all these are none other than the relatives of Ashish Bhalerao and are utilising the monies of the Depositors of Mumbai Nagrik Sahakari Patsanstha for their own personal activities. 

Vengurlekar says in his complaint, "One such partner of Bhalerao, in this project was Mahesh Bhupat Oza who had a greater role in these fraudulent transactions. The said Mahesh Bhupat Oza is none other than the prime suspect who has cheated the Ghodawat Group and against whom the complaints have already been registered with Kalachowky, Byculla and Sangli police stations including cases under economic offences in the neighbouring Karnataka. Bhalerao and Manish Oza were partners in business and have been responsible for the mismanagement of funds and during the partnership with Oza, that the Royal Flora was launched by Bhalerao."

The Adinath Developers also has construction businesses in Wai at Satara. They have also invested crores of rupees in housing projects at Talegaon. Also, both the directors are in partnership with many developers in Shahapur in the Thane district. Vengurlekar says the two have also invested huge money in the Marathi feature film "Athva Ranga Premacha" and Marathi TV serial "Balumama".

Listing Bhalerao's commercial transactions Vengulekar gives the following details :

Bhalerao has purchased the Flat worth Rs 3.5 crore at Dosti Flamingo in Shivdi in South Central Mumbai in 2017.

Ten years back Bhalreao had purchased a Commercial Premises at Kalachowki for just Rs. 2 crore, the price of which has since gone up to Rs. 7-10 crores now. The said Commercial premises were bought by Bhalerao on the pretext that the said premises were to be utilised for the Office Premises of the Mumbai Nagrik Sahakari Patsanstha, for which he utilised the depositors' amount but transferred the commercial premises in his personal and wife's name and then rented it out to Abhyudaya Co-op Bank, for personal benefits. 

Similar to these commercial premises Bhalerao has utilised the monies of the Mumbai Nagrik for purchasing various commercial premises for his personal business such as "Foster Kids Play Group and Nursery" located opposite Hilla Towers in Lalbaug worth Rs 2.5 crore, Dairy Shop worth Rs. 1.5 Crores located opposite Cotton Green Station. These commercial premises wherein Bhalerao has either come up with one or the other personal business or has put up the  04 branches of the Mumbai Nagrik Sahakari Patsanstha have been purchased in the name of Bhalerao's brother or wife, whereby earning lakhs of rupees towards the rent.

The misrepresentation and frauds have been committed by Tupe, Bhalerao and their coterie by getting elected unopposed in Mumbai Nagrik Sahakari Pathsantha elections due to the coercive and fraudulent tactics adopted by them for the last 20 years. 

Given all the above details Vengurlekar has requested stringent action against these two fraudsters and as such conducting an inquiry into the business activities of these directors. His petition says, "For this purpose, a thorough audit should be conducted by appointing special auditor by the Commissioner of Cooperatives under the provisions of the Maharashtra Co-operative Societies Act I960 and rules there under framed in 1961." 

Apart from sending his complaint to the Commissioner for Cooperatives and Registrar, Pune Anil Kawade he has also marked copies to Cooperation and agriculture minister Dr. Vishwajit Kadam, Principal Secretary, Cooperation and Marketing, Deputy Chief Minister Ajit Pawar, Income Tax Commissioner, Enforcement Directorate, Housing Minister Jitendra Awhad and the Deputy Registrar of Cooperative societies.