Pune: Uday Trimbak Joshi, the former chairman of Ninad Cooperative Credit Society, has been remanded to police custody until December 9 in connection with the alleged fraud of ₹1.79 crore from 23 depositors.

The Vishrambaug Police have accused Joshi of deceiving depositors by promising higher interest rates than banks, including an additional 1% for senior citizens.

Ninad Cooperative Credit Society, located in Sadashiv Peth, Pune, was under Joshi’s chairmanship from 2002 to 2022.

The society’s board lured depositors with promises of attractive interest rates but failed to return their investments over the years. This led to depositors filing a complaint, and a case was registered at Vishrambaug Police Station.

During Joshi’s arrest, a medical examination revealed his blood sugar levels were abnormally high (between 400 and 450), and he had swelling in his legs.

Based on these findings, the police requested medical custody to ensure proper treatment while retaining investigative rights. Sassoon Hospital admitted Joshi on December 5 for treatment, with hospital authorities, including Dr. Rutwik Arve, overseeing his care.

However, the court denied the request for medical custody. Instead, it ordered that Joshi remain under police custody while receiving medical care under supervision at Sassoon Hospital.

Advocates Vijaysinh Thombre and Akshay Khadsare represented Joshi in court. Despite their arguments and the police’s request for medical custody, the court maintained its stance, directing that Joshi be treated while ensuring the integrity of police custody.

The investigation into the alleged fraud continues, with authorities scrutinizing the financial practices of the cooperative credit society during Joshi’s tenure.