In a proactive move, the Maharashtra State Co-operative Bank (MSCB) helped expose fraudulent financial activities aimed at deceiving the public.
The Thane Police thwarted an attempt to establish a fictitious ‘Finsharp Co-operative Bank’ in Dombivli following a complaint by MSCB. Similarly, in Pune, a private financial firm illegally used the term “Bank” in its name.
Acting on a complaint lodged by MSCB Administrator Vidyadhar Anaskar on February 20, 2025, Pune Police took swift action and ordered ‘Suvarn Laxmi Nidhi’ to remove the misleading term.
Authorities caution that only institutions with a valid Banking Permit from RBI offer insured deposits up to Rs 5 lakh. The public is urged to remain vigilant against fraudulent financial entities misusing the term ‘Bank.’
Both Thane Police and Pune City Police have been lauded for their swift action in protecting public funds.
