Chhatrapati Sambhajinagar: As many as 4,038 depositors have been left in the lurch and are demanding urgent state govt intervention after Ashok Kamble, chairman of the Anuradha Patsanstha in Hingoli and prime accused in a Rs6.27 crore embezzlement case, died of a suspected heart attack in Parbhani jail on Sunday afternoon.Kamble had been in judicial custody for nearly 20 months, and his death has now cast a shadow over the prospects of recovery of the depositors’ money.Hingoli district collector Rahul Gupta told TOI, “The properties of the accused persons have already been attached. We are exploring all legal options to ensure that the depositors get the desired relief in a legal manner.”According to investigators, Kamble had floated the credit society and allegedly lured investors by promising unusually high returns ranging between 10% and 12%. Attracted by the assurance of better interest rates than other financial institutions, thousands of small investors and depositors put in their savings, resulting in collections amounting to Rs6.27 crore from 4,038 individuals.However, even after the maturity period ended, the promised returns and principal amounts were not repaid, triggering suspicion among depositors. An audit conducted later revealed large-scale financial irregularities. Officials said that Kamble, along with members of the managing committee, allegedly siphoned off funds by passing fake resolutions and creating bogus loan accounts to divert money.The alleged fraud is said to have taken place between Dec 2019 and Feb 2024. Once the scam came to light, it caused panic and outrage among depositors, many of whom had invested their life savings and were dependent on the returns for their livelihood.Based on a complaint filed by the auditor, Hingoli city police registered an FIR on May 4, 2024, against Kamble and 11 others under charges related to cheating and criminal breach of trust under the Indian Penal Code (IPC). The investigation was subsequently transferred to the Economic Offences Wing (EOW) for a detailed probe.Kamble had been lodged in Parbhani jail since Aug 9, 2024.In recent developments, police had initiated the process of verifying claims by asking depositors to submit relevant documents to facilitate repayment. However, Kamble’s sudden death has now created fresh uncertainty over the recovery process, raising fears among depositors about whether they will ever get their money back.Consequently, depositors have intensified their demand for state govt intervention. They have urged authorities to step in, trace and liquidate assets of the accused, and establish a mechanism to ensure timely repayment. Many fear that without swift and decisive action, chances of recovering their hard-earned savings may diminish further.Officials said the investigation into the case will continue, and action against the remaining accused persons will be pursued as per law.
