Pune: The Bombay High Court has rejected the anticipatory bail pleas of two accused, including the former chairman of Ninad Urban Cooperative Credit Society, in a fraud case involving senior citizens.

Justice Manish Pitale ruled that the accused cannot be granted leniency, as they allegedly misled senior citizens with the promise of higher interest rates on their deposits and misused the hard-earned savings of many elderly investors.

The accused, identified as Mithilesh Ashok Gholap, former chairman of the credit society, and Ashok Dattatraya Kulkarni, are among the seven individuals charged under the Maharashtra Protection of Depositors' Interests Act.

The case was registered following a complaint by Pratibha Vilas Panse, a 78-year-old resident of Sahakarnagar.

According to the complaint, the board of directors of the Ninad Urban Cooperative Credit Society promised depositors interest rates higher than those offered by other banks, with an additional one percent interest for senior citizens.

This offer attracted a large number of investors, especially seniors, to invest their life savings in the credit society. However, the accused failed to return the deposits for several years, resulting in significant financial losses for the victims.

As the scam came to light, a case was filed at the Vishrambaug Police Station, accusing seven individuals, including Gholap and Kulkarni, of fraud and misappropriation under the MPDA Act.

The two accused sought anticipatory bail, but their plea was rejected by the High Court, which noted the seriousness of the allegations and the vulnerability of the senior citizen investors involved.

The legal team representing the complainant, including advocates Amol Patankar, Ashish Patankar, and Pratik Rajoapadhye, emphasized the need for justice, given the scale of the fraud and the impact on the elderly victims.