India, April 14 -- The Bhoiwada police on Saturday booked seven people of a cooperative credit society, including an ex-chairman and an ex-secretary, for allegedly sanctioning loans to fictitious borrowers to the tune of Rs.1.74 crore. An audit allegedly revealed that the loan amounts were not repaid to the credit society, resulting in losses.

The complainant, Suresh Kashid, 61, is a government-certified accounts examiner at the Cooperative Department in Vashi and lives in Nerul (West), Navi Mumbai. He had been the Chief Executive Officer at Pushpanjali Cooperative Credit Society, Mumbai, since 1990. After his retirement in 2022, he was appointed as the auditor of accounts under the panel of the state cooperative department, where he con...