Mumbai Cooperative Credit Society Fraud: ₹3.75 Crore Allegedly Misappropriated In Ghatkopar Branch
· Free Press Journal
Mumbai, May 12: A major financial fraud involving alleged misappropriation amounting to Rs 3.75 crore has surfaced at the Bhatwadi, Ghatkopar West branch of Jansevak Sahakari Patpedhi Maryadit, Mumbai.
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The Ghatkopar Police have registered an FIR against cashier Jitendra Shinde and branch officer Mangesh Phodse for their alleged involvement in the financial irregularities. Other employees of the credit society are also suspected to have aided and abetted the fraud.
FIR filed against cashier and branch officer
According to the FIR, the complainant, Chandrakant Budhaji Hulwale, 56, a florist by profession and chairman of the credit society, stated that the institution operates five branches across Mumbai, Navi Mumbai, and Pune. The head office and one branch are located at Municipal Colony, S.G. Barve Nagar, Bhatwadi, Ghatkopar West.
The branch operations were managed by branch officer Mangesh Vilas Phodse, cashier Jitendra Ramdas Shinde, clerk Sumit Arjun Shinde, and peon Raghunath Vishwanath Surve.
Discrepancies surfaced after cashier went on leave
Police said cashier Jitendra Shinde went on leave on August 1, 2024, following which Phodse temporarily handled the cash operations. During this period, discrepancies in the branch’s cash balance allegedly came to light. Phodse allegedly informed Hulwale about the mismatch in the accounts.
When Shinde was called for discussions regarding the discrepancy, he allegedly avoided attending meetings and gave evasive replies regarding the missing funds.
Special audit committee appointed
To probe the matter further, the credit society appointed a special inquiry committee in August 2024 under certified auditor Sandesh S. Navadkar. Navadkar submitted his report on July 18, 2025.
An analysis of the report reportedly revealed that Rs 3.75 crore had allegedly been misappropriated from the Bhatwadi branch between April 26, 2021, and August 31, 2024.
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The audit report further stated that cashier Jitendra Shinde and branch officer Mangesh Phodse were responsible for the financial transactions in question, while other individuals associated with the institution may have played a role in facilitating the alleged fraud.
Following Hulwale’s complaint, the Ghatkopar Police have registered a case under Sections 316(4) and 3(5) of the Bharatiya Nyaya Sanhita (BNS) Act, and have initiated further investigation.
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