11 held for credit society funds misappropriation

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Kolhapur, Jun 19 (UNI) At least 11 people, including officials of Ambikamata Mahila Nagari Sahakari Patsanstha (a co-operative credit society), were arrested in connection with misappropriation of funds to the tune of Rs 40.85 lakh, from Petvadgaon here.

The 11 accused, including Chairperson of the Society Sushma Shah, her husband Dharmendra Shah, father-in-law Aswinikumar shah, Society secretary Milind Dhondiram Nerlekar and other directors of the society, were arrested last night.

According to police, auditor of the Society, Baliram Patil had complained about misappropriation of the funds in the Society, on December 7, 2007.

After conducting an investigation into the matter, police found that the Shahs', Nerlekar and the directors had invested Rs 27.51 lakh, from the Society, in Ambika Textile factory, owned by Sushma.

They had also used further Rs 13.34 lakh without any proper documentation, police said.

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