Colva: A South Goa sessions court 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 IPC provisions, alleging that before 2023 the society’s directors acted in connivance and committed irregularities, including 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 misappropriated more than Rs 11.3 crore, causing losses to the society, and failed to return deposits to members and depositors.Granting bail, sessions judge Sharmila Patil noted that Dessai, a retired teacher, is 70-year-old and suffers from various ailments, as reflected in his medical records. The court also noted that he has strong roots and family ties in Goa, reducing the likelihood of absconding or evading trial.The court observed that the chargesheet had already been filed and the relevant documents were in the court’s custody, 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.
