In a major breakthrough in the South Indian Education Society (SIES) fraud case, the Economic Offences Wing (EOW) of the city police has arrested the person who was instrumental in forging documents for the group involved.
The arrested has been identified as Avinash Khandagle, 30, a consultant by profession and resident of Prakash Nagar in Aurangabad. The police have earlier arrested Anil Pawar, Mohammad Fasihuddin and Roy Joseph Thomas.
According to EOW sources, the treasurer of SIES trust, who is also the complainant, through earlier arrested accused, Anil Pawar, had invested Rs 5 crore as a fixed deposit in the Lokhandwala branch of a nationalised bank on March 6, this year. Through Pawar, the trust had invested in FDs in various other banks, in order to get good interest. In May, one of the banks approached SIES informing them about the overdraft facility taken by them on the fixed deposits
"Once the fraud came to light, the complainant met the manager of the bank's Lokhandwala branch. It then came to his notice that bogus documents of the trust having his photograph and signature were used to take an overdraft facility from the bank. Rs 4.37 crore was then transferred to the bank accounts of a few companies," said an EOW officer.
He added that the bank had also informed the trust that one Santosh Ghadge had submitted documents to the bank for overdraft facility. "Khandagle is Joseph's friend. It was Khandagle who had made false documents of KYC forms and other documents of SIES trust," the officer said.
The police have seized a few documents and bank deposit receipts related to Pawar from Khandagle's possession. The police have also seized a computer and pen drive, which Khandagle claimed was being used by Joseph.
"Khandagle also claimed that he had also burnt a few photocopies of KYC forms and account opening documents. Apart from Ghadge, we are also on the lookout for a few more people, identified as Naqvi and Chitnis," said the officer.
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