Fraudulent Loan Scheme Unmasked: Farmers Duped by Cooperative Chairman

A cooperative credit society in Navi Mumbai allegedly duped farmers of Rs 14.59 lakh while promising a Rs 6 crore loan. Despite collecting Rs 23 lakh in fees, the loan was not disbursed. Police have registered a case against the society's chairman and staff for cheating the farmers.

In a shocking revelation, a cooperative credit society in Navi Mumbai has been accused of defrauding a group of farmers to the tune of Rs 14.59 lakh under the guise of offering them a loan worth Rs 6 crore. The farmers had collectively purchased land in Nevali, Navi Mumbai, for Rs 3.46 crore, hoping to secure a loan from the society to finalize their payment.

However, officials disclosed that the credit society chairman demanded Rs 24 lakh in processing fees and other charges, collecting Rs 23 lakh from the hopeful farmers. Despite being shown seemingly legitimate screenshots of loan approval letters and demand drafts, the promised funds never materialized. The farmers were further misled by other staff members, who extracted an additional Rs 4.09 lakh on various pretexts.

After failing to refund the remaining amount, the credit society chairman managed to return only Rs 12.5 lakh. A police complaint was filed by the farmers' representative, leading to a registered case on Sunday against the chairman and three other staff members for cheating. Although no arrests have been made yet, the investigation into this alleged financial fraud continues.

(With inputs from agencies.)