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Pune | September 2025
In one of Maharashtra’s biggest financial scams in recent years, a forensic audit has revealed that a Beed-based cooperative credit society defrauded nearly 10,000 investors of ₹3,500 crore. The shocking revelation has rattled thousands of middle-class families, farmers, and pensioners who trusted the society with their life savings.
The Scam at a Glance
- Institution Involved: Dnyanradha Multistate Co-operative Credit Society Limited (Beed).
- Number of Victims: Approx. 10,000 depositors.
- Amount Siphoned: ₹3,500 crore.
- Time Frame: Over several years, masked as “high-return schemes.”
The Maharashtra State CID confirmed that the society promised unusually high returns to lure depositors but used funds for illegal real estate dealings and personal gains.
How the Fraud Worked
Investigators say the society’s directors ran Ponzi-style schemes, recycling deposits from new investors to pay off old ones, creating a false impression of stability. When withdrawals surged, the system collapsed, leaving thousands penniless.
The scam targeted:
- Retired employees investing pensions.
- Farmers seeking safe savings options.
- Small traders and middle-class families.
Action Taken
- Chargesheets Filed: CID has filed multiple chargesheets against 90 accused individuals, including directors and agents of the society.
- Asset Seizure: Properties worth over ₹400 crore have been frozen.
- ED Intervention: The Enforcement Directorate has seized ₹333.8 crore under the PMLA.
Officials assure that efforts are underway to recover and redistribute seized assets to victims, though full compensation remains uncertain.
The Bigger Concern
This case once again exposes vulnerabilities in India’s cooperative credit system. Loopholes in regulation, lack of strong audits, and political backing often allow such scams to thrive. Experts are demanding stricter oversight and financial literacy drives to prevent ordinary citizens from falling prey.
Parting Thoughts
The Beed scam is not just about numbers it’s about broken trust. For thousands of families, it has turned life savings into dust. While the CID’s crackdown offers hope, the road to justice and recovery will be long. For India’s investors, this stands as a stark reminder: if it sounds too good to be true, it probably is.
