Daijiworld Media Network - Colva
Colva, Sep 13: A South Goa sessions court has granted bail to Mohandas Sawant Dessai of Curchorem, who was arrested by the Economic Offences Cell (EOC) in June in connection with alleged financial irregularities at Ashtagandha Urban Cooperative Credit Society.
According to the prosecution, the EOC registered a case in 2024 under various provisions of the Indian Penal Code, alleging that the society’s directors had acted in connivance before 2023 and committed several irregularities.
The alleged irregularities included sanctioning fictitious loans, conducting business with non-members outside the society’s area of operation, maintaining unauthorised personal accounts and violating provisions of the Goa Cooperative Societies Act, Rules and the society’s bye-laws.
The prosecution alleged that the accused had misappropriated more than Rs 11.3 crore, causing losses to the society, and had failed to return deposits to members and depositors.
Granting bail, sessions judge Sharmila Patil noted that Dessai, a 70-year-old retired teacher, suffers from various ailments, as reflected in his medical records.
The court also observed that Dessai has strong roots and family ties in Goa, reducing the possibility of him absconding or evading the trial.
The judge further noted that the chargesheet had already been filed and the relevant documents were in the custody of the court, leaving little scope for tampering with evidence.
Dessai was released on bail on furnishing a personal bond of Rs 1 lakh and two local sureties of Rs 50,000 each.