Panaji: Making a breakthrough in the alleged multi-crore Ashtagandha Credit Society fraud case, the economic offences cell (EOC) of the Goa Police has arrested Prakash Kandolkar (70) from Vaidongar, Parcem in Pernem taluka for his alleged involvement in the misappropriation of nearly Rs 11 crore collected from depositors through the credit society.
Investigators alleged that the large sums of money collected from ordinary depositors were illegally diverted, leaving several families uncertain about recovering their lifelong savings. The investors believed the scheme to be secure and reliable.
Police sources stated that the accused was taken into custody in connection with a case registered by the EOW under Crime No. 04/2024. A police officer connected with the investigation said, “The accused was absconding after anticipatory bail relief was rejected by the court. Following sustained surveillance and investigation, the EOW team successfully apprehended him.”
The court later remanded the accused to five-day police custody for further interrogation.
Officials said the investigation is expected to uncover additional financial links and possible involvement of others connected to the Ashtagandha Urban Credit Cooperative Society, Pirna, Bardez.
In December 2024, the EOC booked 11 former board directors, members, and office-bearers of the credit society for allegedly misappropriating the funds.
The offence was registered on the basis of a complaint filed by Mangesh G Phadte, chairman of the committee of administrators appointed by the Registrar of Cooperative Societies.
According to the complaint, the alleged offences were committed prior to July 14, 2023, by Ravindra R Naik of Mulgao, Bicholim; Digamber P Parab of Bicholim; Mohandas GS Dessai of Curchorem; Sharaddha R Naik of Mulgao; Prakash L Naik of Pirna; Prakash V Naik of Pirna; Krishna B Halarnkar of Sirsaim; Prakash A Naik of Pirna; Chandrashekar K Barve of Assonora; Prakash Kandolkar of Parcem; and Bharat K Parab of Assonora.
The complaint had alleged that the accused, acting in collusion, committed several irregularities, including sanctioning fake and fictitious loans through fabricated documentation, conducting business activities with non-members beyond the society’s permitted area of operation, and carrying out illegal and unauthorised withdrawals.
