The Special Court under the Maharashtra Protection of Interest of Depositors (MPID) Act at Karad has rejected the bail application of Shekhar Suresh Charegaonkar, an accused in an alleged multi-crore cooperative credit society fraud case.
In its order passed on Friday, the court observed that the material collected during the investigation prima facie disclosed serious financial irregularities and a deep-rooted conspiracy involving the alleged siphoning of public funds.
According to the prosecution, loans were sanctioned to non-creditworthy borrowers, loan proposals were incomplete, encumbrances on mortgaged properties were not properly recorded, and funds were diverted to unrelated accounts.
The special audit also revealed alleged irregular loan disbursements, forged guarantees, fabrication of securities, and lapses in enforcing security interests, resulting in substantial losses to the institution.
The FIR alleges losses exceeding Rs 112 crore. While the defence argued that the investigation was complete and the charge sheet had been filed, the court held that the gravity of the allegations, the scale of the financial loss, and the prima facie material against the accused warranted continued custody. Accordingly, the bail application was rejected.