Mumbai: EOW Takes Over Probe Into ₹17.88 Crore Sumitra Cooperative Credit Society Fraud, Forged Loan Accounts Alleged
Mumbai, September 7, 2026: The Economic Offences Wing (EOW) has taken up an investigation into an alleged Rs 17.88 crore financial fraud at Sumitra Cooperative Credit Society Limited, Mumbai, involving its directors, office-bearers and employees. The case was registered at D.B. Marg Police Station following a complaint by chartered accountant Santosh Gangaram Shigwan, who was authorised by the…
Mumbai's Economic Offences Wing (EOW) has launched a probe into a Rs 17.88 crore fraud allegedly involving Sumitra Cooperative Credit Society Limited. The investigation centers on the alleged creation of fraudulent loan accounts, disbursement of loans without proper documentation, and misappropriation of loan amounts. Former office-bearers, directors, and employees have been named in the complaint.
According to the FIR, chartered accountant Santosh Gangaram Shigwan detected these irregularities during the society's statutory audit for the financial year 2023-24. The alleged fraud spans from 2010 to March 31, 2024, with loans reportedly sanctioned using forged signatures and without mandatory documents. The total alleged loss to the society and its members is stated at Rs 17.88 crore.
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