MUMBAI: A 33-year-old agent who fled with more than ₹50 lakh from depositors of a Mulund-based cooperative credit society was booked on Thursday for cheating. He had been working there as an agent for over a decade and had hence gained the trust of people and staff to convert their money into fixed deposit receipts.
According to the police, Jai Maa Ambe Cooperative Credit Society in Mulund (West) has over 5,000 fixed deposit account holders. The society had appointed eight agents to collect money from people to deposit it in their fixed deposit (FD) accounts using a mobile phone app between 4pm and 8pm every day. The cash was physically deposited in the society’s office around 11am the next day. The suspect, Jai Rajbhar, was hired as an agent in 2012.
In the first week of April, two persons approached the society alleging that they had given ₹12 lakh in cash to Rajbhar three years ago to deposit in the society for getting good returns. Rajbhar had returned only ₹8 lakh and no accrued interest, as per the FIR. After the society’s vice chairman and other officer bearers confronted Rajbhar, he made an entry in the mobile app to show acceptance of the money and returned ₹4 lakh. He continued working for the society after promising not to make such a mistake again. On April 22, when the complainant called Rajbhar, his mobile number was switched off. Rajbhar’s father informed them that he had gone to his native place in Azamgarh in Uttar Pradesh. Later that day, nearly ten others visited the society with complaints that Rajbhar had collected money from them but did not generate FD certificates or receipts for the same.
He had also collected money from some of them regularly. However, he did not deposit the same in their account. The police found that Rajbhar installed another mobile app named ‘Khatabook’ on his phone and also made the depositors install it. Through this, he made fake entries, and generated fake receipts and certificates. These entries reflected in the app-based accounts of the depositors, said a police officer. The accused had thus collected around ₹50 lakh from several people from August 2023 to April 18, 2025 and fled with the same, the officer added. Following a complaint by the vice president Nilesh Gupta, a cheating case was registered against Rajbhar and the police are searching for him, said Ajay Joshi, senior inspector of Mulund police station.
{{/usCountry}}He had also collected money from some of them regularly. However, he did not deposit the same in their account. The police found that Rajbhar installed another mobile app named ‘Khatabook’ on his phone and also made the depositors install it. Through this, he made fake entries, and generated fake receipts and certificates. These entries reflected in the app-based accounts of the depositors, said a police officer. The accused had thus collected around ₹50 lakh from several people from August 2023 to April 18, 2025 and fled with the same, the officer added. Following a complaint by the vice president Nilesh Gupta, a cheating case was registered against Rajbhar and the police are searching for him, said Ajay Joshi, senior inspector of Mulund police station.
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