Chhatrapati Sambhaji Nagar: Additional court in Chhatrapati Sambhaji Nagar rejects anticipatory bail plea of former MP MLC Subhas ZombardHe was named as the main accused in the multi-crore-rupee corruption case involving the Ajanta People’s Cooperative Credit Society.
Zombard, the chairman of the cooperative credit society, has been operating underground since an FIR was registered at the Chowk city police station on October 18, 2023. The case is investigated. The court’s ruling on Thursday marked a significant development in the case, which has attracted public and political attention because of the sheer amount of money involved.
Based on a complaint lodged by the Special Auditor (Co-operative Societies), the FIR registered at the Chowk City Police Station alleged that Zombard, other directors, office bearers and some staff members had embezzled over Rs 97 crore from the cooperative financial institution. The special auditor reportedly received an order from the Reserve Bank of India to initiate criminal proceedings against Zombard and others. Most recently, the EOW arrested Pradeep Kulkarni, the former CEO of the credit union.
The charges against all suspects stem from a long history of mismanagement and fraudulent transactions that resulted in huge financial losses. Prominent politician Zambad filed an anticipatory bail application in the hope of avoiding arrest. His legal counsel argued he was innocent and that the charges were exaggerated. However, the court rejected his plea after reviewing the case, saying the seriousness of the charges warranted further investigation and custodial interrogation.
The Ajanta People’s Cooperative Credit Society scam has triggered widespread outrage, with depositors and account holders demanding justice and speedy recovery of their lost funds. The case also raises concerns about the transparency and accountability of financial institutions operating within the cooperative framework.
With Zombard’s bail request being denied, authorities are expected to intensify their investigation, which could lead to further arrests and action against others suspected of fraud.
