Desk | Akola

In a major breakthrough in the alleged financial fraud case involving Shri Gajanan Nagari Cooperative Credit Society in Akola, the Economic Offences Wing (EOW) has arrested the father-son duo accused of cheating thousands of depositors out of more than ₹16.79 crore.

The accused, Narayan Aware and his son Nandkishor Aware, directors of the controversial credit society located on Dabki Road in Akola, were booked under the Maharashtra Protection of Interest of Depositors (MPID) Act along with relevant sections of the Bharatiya Nyaya Sanhita. Authorities believe more accused may be involved as the investigation progresses.

According to officials, the cooperative society had collected large amounts of deposits from investors over several years. However, after the maturity period ended, depositors allegedly did not receive their money back. Investigators claim that the directors misused depositors’ funds, resulting in a massive financial fraud amounting to ₹16,79,27,930.

The complaint was filed following an audit report submitted by the Akola District Deputy Registrar of Cooperative Societies and audit officials. Based on the findings, Dabki Road Police Station registered a case under Crime No. 396/2026. So far, complaints from 186 investors have been officially recorded, and officials suspect that the fraud amount may increase further as more victims come forward.

The EOW team took Nandkishor Aware into custody, and the court has remanded him to police custody until June 3, 2026. Meanwhile, co-accused Narayan Aware has been admitted to the Government Medical College and General Hospital in Akola due to health-related issues and is currently under police security.

Officials stated that the investigation into the society’s financial irregularities had been ongoing since 2022. A detailed three-year audit reportedly exposed serious economic misconduct and violations in the functioning of the institution.

The action is being carried out under the supervision of Akola Superintendent of Police Archit Chandak and Additional Superintendent of Police officials, while Police Inspector Anil Jumale from the Economic Offences Wing is leading the investigation.

Authorities have assured depositors that strict legal action will be taken against all those involved in the scam and that further arrests are likely in the coming days.