Bhopal – A surprising case of cheating has come to the fore in the state. The accused has duped 550 people in just 11 months. 37 lakhs were deposited in the account of the society from all the people. Only left 2 thousand rupees in the account. The members were also given certificates of allotment of shares in the society. EOW has registered a case of fraud on the complaint of the members.
EOW officials said that in the year 2018, Bhupendra Teli got the society registered. The society was formed to give loan at interest rate. After the election of the Society, Bhupendra Teli was made the President. Rakesh Verma and other operators were also selected. The operator along with Chairman Teli and Vice Chairman was authorized to withdraw money from the bank account. 56 thousand rupees were deposited in the bank account of the institution. In the meantime, the chairman made a proposal that the current account of the committee would be opened in Indore and the amount coming in the name of the committee would be deposited. Thereafter, the organization appointed Poonamchand Mahajan as Chief Management to work in the office and staff were appointed. Appointed Sales Manager in the organization at Dhar, Khargone. All the members of the organization were also given certificates by making them share holders.
Share certificate divided into 100 rupees
100 rupees were deposited from every member in the form of certificate. Funds were collected through monthly, daily planning in all the branches of the organization. The organization continued to function till the year 2019. During this the amount was collected from 550 people. Meanwhile, the organization got the society audited. In which the error came to the fore. Acting contrary to the rules, the chairman withdrew more than Rs 15 lakh. Funds were also withdrawn through check and used for self. Along with this, the salary of the employees and the rent of the office were paid under computer and other expenses.
After the report of the inquiry committee, the problem was revealed
The members of the society got the first investigation done through audit. After which, after the complaint, the officials of the Cooperative Department conducted the investigation. In which it was found that the President Bhupendra Teli had committed fraud. Teli was contacted several times on behalf of the organization but he absconded. The employees who were hired by Teli to work in the organization. He was also not given salary. Left only 2 thousand rupees in the account of the organization. The inquiry committee has said in its report that the director fraudulently misused the amount collected from the depositors. Fraud and financial irregularities have also been committed. Taking advantage of the banner of cooperative, forgery has been done. Apart from this, the institution has committed the crime of cheating the members by conspiring the amount of the investor. The institution failed to pay the interest. After which the EOW registered the case.
