Pune: Rs 98 Lakh Financial Fraud Alleged in Blue Ridge Housing Society, Case Filed in Co-op Court
Hinjawadi, 22nd May 2025: The Blue Ridge Unit-B Tower 9 to 14 Co-operative Housing Society, located in Hinjawadi, has filed a formal dispute before the Pune Co-operative Court, alleging financial misappropriation amounting to approximately ₹98.75 lakh by five of its former and current managing committee (MC) members.
According to the complaint, the alleged irregularities occurred between April 2019 and September 2024 and involve fraudulent cheque issuances, unauthorized fund transfers, and misuse of society funds for personal benefit. The society has submitted detailed forensic audit findings, ledgers, bank statements, and cheque copies as evidence.
“The transactions were executed without the approval of the General Body and violated standard cooperative housing society by-laws,” the society’s newly appointed secretary, ChandrasekharaReddy Madireddy, stated in the filing.
One of the earliest red flags appeared when a ₹7.7 lakh cheque was cleared in May 2024 without proper authorization. This prompted a wider probe, culminating in a special general body meeting and a forensic audit by RMJ & Associates LLP.
The audit reportedly revealed benami transactions, funds being routed to individuals with no business dealings with the society, and over ₹17 lakh transferred to the personal account of one former office bearer.
Furthermore, mismanagement led to errors in tax filings, resulting in penalties and the liquidation of fixed deposits worth ₹5.16 lakh.
The society has requested the court to direct the five respondents to collectively repay the embezzled amount with interest. It has also sought an interim injunction to prevent them from selling their respective flats without obtaining a no-objection certificate from the society.
Citing breach of fiduciary duty, dereliction of responsibilities, and fraudulent conduct, the society’s plea includes a demand for full recovery and an order restraining any third-party interests during the trial.
The Co-operative Court has now issued show-cause notices and asked them to appear before the court at 11 am on 16th July.
