Police custody of bank scam accused extended until May 16

The Judicial Magistrate First Class court has extended the police custodial remand of those accused in the Sarva Seva Vyapari Sankul Co-operative Credit Society scam case until May 16, a Wadgaon Road police station official said here today.
Wadgaon police station officer Balkrishna Jadhav said that credit society president Purushottam Kakade, secretary Ashok Petewar and former president Shamshuddin Kazi who were from their residences on May 7 were initially remanded to police custodial remand until May 12, which has now been remanded.
Criminal offences against the accused under Section 420, Section 406 and Section 409 of the Indian Penal Code have been registered, he said.

"Since complaints are still pouring in and the scam involves crores of rupees, we sought extension of custodial remand and the court granted our request, extending it till May 16," he said, adding that the police sealed the office of the credit society located at Jajoo Chowk.
He said that initially, it looked like the scam was worth Rs 93.88 lakh, but now that estimate had risen to an amount more than Rs 2 crore.
"We will scrutinise assets and property deals of the creidt society president and other office bearers, besides assets of former members of its board of directors," he said.

Incidentally, the credit society's president used to the manager of the Yavatmal Zilla Parishad Employees' Co-Operative Credit Society from its inception, he said.

However, later, he became Chief Executive Officer (CEO) of the Yavatmal District Central Co-Operative (YDCC) Bank and recently retired from the post, he said.
Allegedly, he committed irregularities in the YDCC Bank when he was its CEO, he said.
His wife, who is Managing Director of the beleaguered credit society is presently absconding, he said.