Mumbai: Mulund Police have registered a case against a 33-year-old agent, Jai Hiralal Rajbhar, for allegedly defrauding Jai Maa Ambe Co-operative Credit Society Ltd. of approximately ₹50 lakh by collecting fixed deposit funds through unauthorized mobile application, instead of the credit society’s official platform.
According to the complaint, Nilesh Gupta, 35, a watch trader residing on P.K. Road in Mulund West, has been the Vice President of Jai Maa Ambe Co-operative Credit Society Ltd., located in Business Park, City of Joy Commercial, JSD Road, Mulund, since 2003. In September 2012, the society appointed Jai Rajbhar as an official agent.
All Agents were provided with the registered ULTIMUS BMS App for conducting financial transactions on behalf of the society. Initially, Rajbhar collected funds from members and deposited them regularly at the society’s office.
However, on April 18 at around 11 a.m., Sachin Jaiswal and his father Rajesh visited the society’s office and claimed they had handed over ₹12 lakh in cash to Rajbhar over the last two to three years. They said that while ₹8 lakh had been returned, ₹4 lakh along with interest was still due.
When Gupta asked the Jaiswals for deposit receipts, they showed messages from mobile applications Khatabook App A Khata.pe, indicating payments had been made through these platforms. Upon further inquiry, it was revealed that Rajbhar had collected money from customers using these unauthorized app without informing the credit society.
On April 22, Rajbhar switched off his phone and fled on a motorcycle to his native place in Bhojpur, Azamgarh, Uttar Pradesh.
An internal audit conducted by the credit society found that between August 1, 2023, to April 18, 2025, Rajbhar misused his position by bypassing the official ULTIMUS BMS App. Instead, he used unauthorized apps to collect deposits in the society's name, leading to the misappropriation of approximately ₹50 lakh.
Mulund Police have filed an FIR under various sections of the Bharatiya Nyaya Sanhita (BNS) and have launched an investigation into the matter.
