Blurb
Fraud from 2021–2024 involved branch managers and staff creating fake accounts and benami borrowers to sanction loans against counterfeit gold, with 208 accounts implicated
Karwar
A major financial fraud has surfaced at the Dandeli Cooperative Credit Society, where fake gold was allegedly used to embezzle nearly ₹6 crore. Police have registered an FIR following a complaint filed by the society’s general manager after suspicions persisted for over a year.
Preliminary investigations reveal that the fraud took place between 2021 and 2024. Officials suspect that branch managers and staff members were involved in creating a network of fake accounts and benami borrowers to sanction loans against counterfeit gold. Around 208 fake accounts are believed to have been used in the scam.
The accused include local branch manager Mir Karim Mir Ismail, Khali Muddin Khan, cashier Manchali Chudamani Netrekara, retired staff member Mahmada Hanif, and several others. Police say the group allegedly concealed fake gold and carried out illegal transactions within the institution.
PSI Kiran Patil from the Dandeli police crime branch has taken charge of the investigation. Authorities are examining financial records and transactions to uncover the full extent of the fraud.
Local residents and customers have demanded a high-level inquiry, suspecting involvement of influential individuals. They have urged officials to conduct a transparent investigation to bring all those responsible to justice.
Police officials stated that further details are likely to emerge as the probe continues, raising concerns about trust and accountability in cooperative financial institutions in the region.
