BJP Leader Shekhar Charegaonkar Arrested in Rs 112 Crore Bank Fraud Case
In a significant development, Shekhar Charegaonkar, a prominent BJP politician and former chairman of the Maharashtra State Cooperative Council, was arrested on Wednesday morning. The arrest is linked to a massive Rs 112 crore fraud at Yashwant Cooperative Bank Ltd in Karad, which allegedly occurred between 2014 and 2025 during his tenure as the bank's chairman.
Arrest and Police Custody Details
The Economic Offences Wing (EOW) of the Satara Police executed the arrest at a property near Karad town. Charegaonkar was subsequently produced before the Karad court, which granted the EOW custody until March 2. A senior Satara police officer, speaking on condition of anonymity, confirmed the arrest and custody, stating, "We had earlier arrested a chartered accountant named Vitthal, alias Shounak Govind Kulkarni, in the case. Charegaonkar's whereabouts were not known since the case was registered in October 2025. We sought custody for seven days, which has been approved."
Scale of the Fraud and Irregularities
Alongside Charegaonkar, 50 other individuals have been booked on multiple counts of fraud, primarily aimed at siphoning funds. The police investigation revealed that 195 bogus loan accounts were created in one instance to obtain loans in violation of Reserve Bank of India (RBI) guidelines, facilitating the diversion of funds.
The inquiry uncovered various irregularities, prompting the state cooperation department to take decisive action. The directors' body was terminated, and an administrator was appointed to oversee the bank's operations. The complaint was filed by Mandar Shashikant Deshpande, a government-appointed auditor based in Pune, leading to the registration of the case under several sections of the Bharatiya Nyaya Sanhita (BNS), including:
- Criminal breach of trust
- Forgery
- Forgery of valuable security
- Intending to use forged documents as genuine
- Criminal conspiracy
Political and Legal Repercussions
In response to the scandal, BJP MP Medha Kulkarni met with depositors and advocated for an inquiry by a central agency. She apprised Union Cooperation Minister Amit Shah about the alleged irregularities and formally requested a Central Bureau of Investigation (CBI) probe into the matter. This move underscores the political sensitivity and widespread impact of the fraud, which has affected numerous stakeholders and raised concerns about governance in cooperative banking institutions.
The arrest marks a critical step in the ongoing investigation, highlighting the authorities' commitment to addressing financial crimes and ensuring accountability in the cooperative sector.
