Maharashtra auctions assets, recovers defrauded funds for depositors

The Maharashtra home department will auction properties owned by 18 individuals accused of defrauding depositors of ₹33.95 crore from the Jaimuni Cooperative Patpedhi Limited. The funds recovered will be used to reimburse the 408 affected depositors. The properties, including apartments, land, and commercial spaces, belong to developers, businessmen, and credit society directors. The attachment and auction are authorized under the Maharashtra Protection of Interest of Depositors Act, following reports from the police and Palghar collector. The scam, which came to light in 2018, involved fraudulent loans and forged documents. The home department also plans to amend the MPID Act to increase penalties for those involved in such financial crimes.