A former manager of a Maharashtra-based Shri Renukamata Multi-State Cooperative Urban Credit Society has been taken into custody by ED for laundering crores of rupees through hawala reports PTI.
The accused Machindra Khade was arrested under the Prevention of Money Laundering Act (PMLA). The accused was formerly associated as manager of Renukamata Multi-State Cooperative Urban Credit Society. An FIR filed by police had led to probing the cooperative society in Ahmednagar district of Maharashtra.
“Shri Renukamata Multi-State Cooperative Urban Credit Society which is headquartered in Ahmednagar is not connected with Khade’s wrong-doings in any manner. The police came to it just to research on Khade who was formerly employed here”, say those in know of things.
Efforts to contact Prashantrao Bhalekar, Chairman Shri Renukamata Multi-State Cooperative Urban Credit Society, however, failed to bear any results. The credit co-op has seen impressive growth in the last decade.