Forensic audit shows Beed credit co-op duped 10k investors of 3,500cr: State CID
Pune, Sep 2, 2025
State CID's additional director general of police Sunil Ramanand on Monday said a forensic audit had established that the Dnyanradha Multistate Co-operative Credit Society Limited (DMCSL) in Beed had duped close to 10,000 depositors from Beed, Jalna and Parbhani districts of Rs3,500 crore in an alleged multi-crore rupees economic fraud.
The CID chief, based in Pune, told TOI that over the last three months, the govt referred 69 cases to them and a forensic audit was conducted. "As many as 90 accused, including 14 board members, are involved in the crime," he added.
He further said, "So far, we have identified 230 properties valued at Rs400 crore. The govt issued a notification under section 4 of the Maharashtra Protection of Interest of Depositors in financial establishments (MPID) Act, 1999, to provisionally attach 80 of these properties as part of a phased recovery. Our proposal to attach another 40 is pending."
Ramanand said the CID had filed four chargesheets in the 69 cases against the board of directors and its members, governing body, branch officers and other collaborators. Chargesheets in 64 cases would be filed in due course of time.
Meanwhile, the Enforcement Directorate (ED) had provisionally attached DMCSL's moveable and immoveable assets valued at Rs333.8 crore.
Ramanand said the ED is investigating the money laundering case and quoted a Bombay high court ruling to show the MPID Act takes precedence over the Prevention of Money Laundering Act and empowers the CID to re-attach and auction the properties.
On Aug 30, Beed district collector had filed a plea before a special court praying that the process to confirm attachment of 80 properties be expedited to enable its auction to recover money.
The CID's case is that DMCSL chairman Suresh Kute and others hatched a criminal conspiracy to allegedly defraud depositors of crores of rupees by assuring them 13% to 18% returns for different schemes — like fixed deposits, loans and investment in shares. The fraud came to light after the suspects did not pay interest to account holders, following which a series of FIRs were registered against Kute and others in 2024.
[The Times of India]
