Dnyanradha Multi-State Credit Society Scam: Maharashtra Govt Attaches Assets Worth ₹227 Crore Across 9 Units
Beed: Cracking down on the multi-crore investment fraud involving Dnyanradha Multi-State Co-operative Credit Society, the Maharashtra government has attached plant, machinery and related assets valued at ₹227,00,48,836 across nine industrial facilities. The action was initiated after the co-operative society failed to refund matured deposits to investors, prompting fears that the management would…
The Maharashtra government has seized assets worth ₹227 crore from the Dnyanradha Multi-State Co-operative Credit Society in connection with a multi-crore investment scam. The seizure targeted nine industrial units across Beed, Chhatrapati Sambhajinagar, and Satara districts. The decision came after the society failed to return matured deposits to investors, raising concerns about potential permanent default by the management.
Acting under the Governor's directive, the Principal Secretary (Special) issued the attachment order on October 1. The government appointed the Sub-Divisional Magistrate of Beed as the authority to handle the seized assets and recovery process. Prosecutors allege that the society's leadership promised high returns to investors but defaulted on payouts, leading to widespread complaints and the registration of 110 FIRs against the accused for various offenses under the Indian Penal Code and state-specific laws.
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