PANAJI
The Economic Offences Cell (EOC) of the Goa police has arrested Shivaji Kisan Jadhav, former chairman of M/s Hariom Multistate Co-operative Credit Society Ltd, in connection with an alleged case of cheating and criminal breach of trust involving a loss of about Rs 1.69 crore.
According to the EOC, preliminary investigations show that between 2016 and November 2022, investors were allegedly persuaded to put money into recurring and fixed deposit schemes with promises of high returns. The society is also accused of running an office in Goa without the required statutory permissions. “After the deposits matured, the amounts were allegedly not returned to investors, causing financial loss. The roles of the office bearers, directors, branch manager and staff are being investigated,” the EOC said.
Jadhav has been remanded to 14 days of police custody. The EOC is continuing the investigation by collecting documents, examining financial transactions, and recording statements of witnesses and affected investors.
