2 hrs ago
Maharashtra Attaches ₹227 Crore in Dnyanradha Society Scam
Dnyanradha Multi-State Co-operative Credit Society took deposits from many people and promised returns.
The society did not repay some deposits when they were due.
Maharashtra’s government has attached property and equipment worth about ₹227 crore at nine facilities.
The action is meant to protect investors and help manage the assets while recovery is pursued.
A deputy collector in Beed has been appointed to oversee this work.
Police have registered 110 cases against the society’s top officials.
The accused face charges under several laws, but the allegations have not been established in court.
Maharashtra attached assets valued at ₹227,00,48,836 linked to Dnyanradha Multi-State Co-operative Credit Society.
The assets include plant, machinery and related property across nine industrial facilities.
Seven facilities are in Beed district, one in Chhatrapati Sambhajinagar district and a dairy unit in Satara district.
The attachment order was issued on October 1 after the society failed to repay matured deposits.
Police registered 110 FIRs; the society’s top brass face charges under the IPC and deposit-protection laws.
- Who
- The Maharashtra government and Dnyanradha Multi-State Co-operative Credit Society; the society’s top brass are accused.
- What
- The government attached assets valued at ₹227,00,48,836 across nine facilities after matured deposits were not repaid.
- Where
- Seven units in Beed district, one in Sayyadpur in Chhatrapati Sambhajinagar district, and a dairy facility in Nimbhore, Phaltan tehsil, Satara district.
- When
- The formal attachment order was issued on October 1; the article does not state the year.
- Why
- The society failed to refund matured deposits, prompting investor complaints and concern about permanent default.
Government and investor-protection rationale
Society’s response
Reason for asset attachment
Government and investor-protection rationale
The government’s order says the society failed to repay matured deposits and the action is intended to protect investors and support recovery.
Society’s response
The article provides no response or position from Dnyanradha Multi-State Co-operative Credit Society or its management.
Alleged wrongdoing
Government and investor-protection rationale
The order alleges that the society’s chairman, directors, management and key personnel attracted depositors with promises of high returns and then defaulted on payouts.
Society’s response
The article reports charges and allegations but gives no statement from the accused; guilt is not established in the report.
Key facts
- Attached asset value
- ₹227,00,48,836
- Number of facilities
- Nine industrial facilities
- Facility distribution
- Seven in Beed, one in Chhatrapati Sambhajinagar and one in Satara district
- Order date
- October 1; year not specified
- Competent authority
- Sub-Divisional Magistrate (Deputy Collector) of Beed
- Police cases
- 110 FIRs registered against the society’s top brass
- Laws cited
- Indian Penal Code, Maharashtra Protection of Interest of Depositors Act, 1999, and Banning of Unregulated Deposit Schemes Act, 2019
Sources
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