Amid the action initiated under Section 83 of the Maharashtra Cooperative Societies Act, 1960 against one of Mumbai’s leading credit cooperative- Shivkrupa Sahakari Patpedhi Ltd., over allegations of financial mismanagement, the society’s CEO Rajesh N. Shete has firmly denied any wrongdoing and assured that all depositors’ funds are entirely safe.
“There is no hanky-panky in the functioning of the society. We maintain complete transparency, and every rupee deposited by our members is secure,” Shete stated while talking to Indian Cooperative correspondent.
He further added, “We are on a strong growth trajectory. In the financial year 2024–25, we achieved a total business mix of Rs 5,125 crore, comprising Rs 2,908 crore in deposits and Rs 2,217 crore in advances. Additionally, our investments stood at Rs 1,165 crore, and we registered a gross profit of Rs 60 crore”.
Addressing the allegations, the CEO said, “There has been no misappropriation of funds. The accusations being circulated are entirely baseless and appear to be driven by certain former directors who were unsuccessful in the last board elections.”
Reaffirming the institution’s commitment to transparency, Shete said, “We are fully prepared to cooperate with the authorities throughout the enquiry process and will continue to function with complete integrity.”
It has been gathered that a few former directors of the society have lodged multiple complaints with the Maharashtra Cooperative Department, alleging financial irregularities. Based on these complaints, an enquiry has been initiated by the department. However, the process is still underway, and the final outcome is awaited.
Despite the investigation, the management maintains that the institution’s operations remain unaffected, and members and depositors need not be concerned.
