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President of society commits fraud by withholding 1.77 crores in stock market for maintenance: Rajkot News

The recent scandal involving the maintenance society of a green city in Kangsiyali has sent shockwaves through the community. The society’s president, who is also in charge of maintenance, is accused of embezzling a staggering amount of Rs. 1.77 crore from the society’s funds, leading to a loss of all the investments made in the stock market. The police have initiated an investigation into the matter, aiming to uncover the truth behind the alleged financial misconduct.

The green city where the accused resides is located in Rajkot, with a hardware store in Umiya Chowk. The complainant, Ketanbhai Ramjibhai Patel, filed a report at the Shapar Police Station, accusing the society’s president, Balaaji, of misappropriating funds. According to Ketanbhai, the green city comprises six buildings, each with 28 flats, totaling 168 flats in the society. The maintenance work, including electricity, water, and cleanliness, was contracted out to the flat owners, who paid varying amounts based on the category of their flats. The total amount collected was Rs. 1.77 crore, deposited into the society’s bank account.

Jignesh Dhanji Vaghasiya, the society’s chief president, and Ketanbhai Patel, the vice president, were responsible for overseeing the collection of maintenance fees. It was agreed that any amount above a certain threshold would require the signatures of at least two individuals. However, it was discovered that Ketanbhai Patel had been signing checks alone, without the required authorization. When questioned about the discrepancies in the maintenance fees, Ketanbhai provided various excuses but failed to produce the necessary payments.

The situation escalated when the society members realized that their electricity bills were not being paid for the past three months. Concerned about the financial mismanagement, they approached Jignesh Vaghasiya for answers. Upon investigation, it was revealed that after Ketanbhai Patel had signed the checks, he had withdrawn Rs. 1.77 crore from the society’s bank account and invested it in the stock market. Unfortunately, the investments failed, resulting in a complete loss of the funds.

In light of these revelations, Ketanbhai Patel lodged a complaint with the Shapar Police Station, alleging financial fraud and breach of trust by Jignesh Vaghasiya. The police have now launched a full-fledged investigation into the matter to bring the culprits to justice and recover the lost funds. The residents of the green city are left shocked and dismayed by the betrayal of trust by their society’s leaders and are eagerly awaiting the outcome of the police inquiry.

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