Pune: Ninad Urban Credit Cooperative Society CMD Uday Joshi, other directors booked

Deposits not returned even after maturity

Pune: Ninad Urban Credit Cooperative Society Chairman and Managing Director (CMD) Uday Joshi, along with other directors, have been booked for not returning savings accounts, fixed deposits and interest on them to account holders and depositors.

The accused have been identified as Uday Joshi, Shubhada Joshi, Ramling Shivanage, Mayuresh Joshi, Ashok Kulkarni, Vallabh Joshi (former CMD), Mithilesh Gholap and Vilas Bam, all residents of Pune. The incident happened between November 17, 2020 and September 29, 2023 at Ninand Urban Credit Cooperative Society in Sadashiv Peth.

Uday Joshi and his wife Shubhada Joshi are BJP leaders and former corporators. Uday Joshi was earlier booked for cheating investors by promising them good returns in a gas agency. Pratibha Vilas Panse (78), a resident of Sahakar Nagar, lodged a complaint at the Vishrambaug Police Station.

According to the police, the CMD and other directors of the credit society lured investors by promising them to give more returns than nationalised banks on deposits and one percent more interest on deposits to senior citizens. The complainant opened a savings account and had a fixed deposit (FD). Her FD amounting to over Rs 18.15 lakh was not returned even after its maturity.

When the complainant sought her money, she was greeted with arrogance and was told to go back. After realising that she would not get her money back, she approached the police. The accused have been booked under the MPID Act. API Waghmare is investigating the case.