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28. PW20, a Chartered Accountant, undertook audit, re-audit and noticed discrepancies in the books maintained by the Society and on his further in-depth study, he noticed various irregularities, procedures being violated while granting and sanctioning loans of both the types, i.e. money loan as well as gold loan. PW20 noticed that as many as 32 persons had committed misappropriation in the financial institution to the tune of Rs.13,28,55,667/-. Co-operative department authorized PW20 to lodge complaint and thus crime CriAppln-1657-2024+ seems to have been registered for commission of offence under Sections 177, 409, 417, 420, 465, 467, 468, 471, 120-B of IPC as well as under Section 3 of MPID Act and finally on conclusion of investigation, it seems that as many as 28 were named and chargesheeted for above offences.

CriAppln-1657-2024+

34. Applicant Bhausaheb Kushaba Zaware arraigned as accused no.4 was also shown as member of Board of Directors and on investigation and trial, revealed to be guilty of offence under Sections 177, 406, 409, 420, 465, 467, 471 and 120-B r/w 34 of IPC as well as Section 3 of the MPID Act and maximum sentence awarded to him is imprisonment for 10 years and to pay fine.

35. Accused no. 8 Raje Amir also was said to be member of Board of Directors and is revealed to be a party to the illegalities, irregularities and misappropriation and is held guilt for offence under Sections 177, 406, 409, 420, 465, 467, 471 and 120-B of IPC as well as Section 3 of the MPID Act and maximum sentence awarded to him is imprisonment for 10 years and to pay fine.

36. Accused no.10 Lahuji Sayaji Ghangale was said to be member of Board of Directors and he is also held guilt for offence under Sections 177, 406, 409, 420, 465, 467, 471 and 120-B of IPC as well as Section 3 of the MPID Act and maximum sentence awarded to him is imprisonment for 10 years and to pay fine.

37. Accused no. 17 Anup Parekh is shown to be a borrower of gold loan by pledging fake metal and he is held guilty for offence under CriAppln-1657-2024+ Section 420, 465, 467, 471 and 120-B r/w 34 of IPC. His maximum sentence of 5 years and to pay fine.

38. Accused nos. 23 and 24, namely, Sudhakar Sumbe and Gopinath Sumbe are said to be borrowers of loan without surety, security and are said to be defaulters and both are held guilty for offence under Section 420, 465, 467, 471 and 120-B r/w 34 of IPC and maximum sentence awarded is 5 years and to pay fine.

39. Accused no. 9 Baban Zaware and accused no. 25 Mahesh Zaware, father and son were said to be beneficiaries of loan. Accused no.25 i.e. son of accused no.9 had borrowed loan by circumventing rules and procedure. Accused no. 9 is held guilty for offence punishable under Sections 177, 406, 409, 420, 465, 467, 471 and 120-B r/w 34 of IPC as well as Section 3 of MPID Act and his maximum sentence is of 10 years. Whereas accused no.25 is held guilty for offence under Sections 420, 465, 467, 471 and 120-B r/w 34 of IPC and his maximum sentence is of 5 years and to pay fine.