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EOW Probes Alleged ₹17.88 Crore Sumitra Credit Society Fraud
The Economic Offences Wing is investigating a cooperative society in Mumbai.
The society is accused of losing about ₹17.88 crore through improper loan transactions.
An audit found loan accounts that may have been created using forged signatures.
Some loans were allegedly approved without the required paperwork.
The complaint also says some repayments were collected but not entered into the society’s records.
Officials and employees of the society have been named in the case.
The investigation will examine what happened and who may be responsible.
No final findings of guilt have been reported.
The Economic Offences Wing is investigating an alleged ₹17.88 crore fraud at Sumitra Cooperative Credit Society Limited in Mumbai.
The case followed a statutory audit that reportedly identified fraudulent loan accounts, missing documents and alleged diversion of funds.
The complaint alleges that forged signatures were used to create loans in members’ names without their knowledge or consent.
Some loan repayments were allegedly not recorded, while repayment certificates and No Objection Certificates were issued to borrowers.
The case was registered at D.B. Marg Police Station after Maharashtra’s cooperative authorities authorized criminal proceedings.
- Who
- The Economic Offences Wing is investigating allegations involving directors, office-bearers, employees and possible beneficiaries of disputed loans at Sumitra Cooperative Credit Society Limited.
- What
- An alleged ₹17.88 crore fraud involving forged loan accounts, loans issued without required documents and alleged diversion or misappropriation of funds.
- Where
- The society’s head office and branches in Mumbai’s Andheri and Mulund areas, as well as branches in Nalasopara and Dapoli, are linked to the allegations.
- When
- The alleged conduct reportedly occurred between 2010 and March 31, 2024; the statutory audit was submitted in June 2025, and the case was reported on September 7, 2026.
- Why
- A statutory audit reportedly detected financial irregularities, after which Maharashtra’s Commissioner and Registrar of Cooperative Societies authorized a criminal complaint.
Key facts
- Alleged total loss
- ₹17,88,82,225, or approximately ₹17.88 crore
- Investigating agency
- Economic Offences Wing
- Police station
- D.B. Marg Police Station
- Audit period
- Financial year 2023–24
- Alleged period of conduct
- 2010 to March 31, 2024
- Reported irregular lending category
- Approximately ₹1.40 crore in loans allegedly issued without mandatory documentation
- Audit submission
- The statutory audit report was submitted to authorities in June 2025
Sources
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