Criminal Past of Bhandari Co-op. Bank Liquidator Rakhi Mangesh Gawade Exposed.

Unmesh Gujarathi
Sprouts News Exclusive
Contact: +91 9322755098

Sprouts News Special Investigation Team (SIT) exposes that Rakhi Mangesh Gawade, a liquidator of Bhandari Cooperative Bank, has a criminal background and has violated tenure norms. Despite a court order, no depositor has been repaid. Community outrage grows over attempts to sell culturally significant property amid alleged mismanagement and corruption.

In a deeply alarming revelation, Sprouts News Special Investigation Team (SIT) has uncovered that Rakhi Mangesh Gawade, appointed as liquidator of Bhandari Cooperative Bank (BCB) by the Cooperative Commissioner and Registrar of Cooperative Societies, Maharashtra, possesses a serious criminal background. Gawade was previously arrested for allegedly accepting a bribe and was suspended from her official duties for an extended period due to her involvement in corrupt practices.

Despite her tarnished track record, she was reinstated and entrusted with the liquidation of a public financial institution. The Sprouts SIT has termed this decision highly dangerous and inappropriate, stressing that allowing a person with a history of criminal conduct to manage a cooperative bank’s liquidation process poses serious risks to public trust and financial transparency.

According to Maharashtra government regulations, the tenure of a liquidator is strictly limited. However, the Sprouts SIT discovered that Gawade has continued in her post for over three years, violating the existing Government Resolution (GR). This administrative failure raises red flags about regulatory oversight and possible collusion between officials and those benefiting from the continued delay in liquidation.

This revelation reinforces the SIT’s demand for Gawade’s immediate removal, urging the state government to investigate the process by which she was reappointed despite her previous suspension and criminal allegations.

The Bhandari Cooperative Bank, established under the Maharashtra Cooperative Societies Act, 1960, has been under liquidation due to a massive fraud unearthed decades ago. In 2018, a court order identified financial fraud committed by former directors and managers amounting to ₹30 crore. The court mandated the recovery of ₹29 crore from the accused, whose properties were subsequently attached.

Despite this clear directive, no meaningful recovery has taken place. The liquidator, instead of initiating legal proceedings to recover from the attached assets, has already spent ₹27 crore of the bank’s own funds—money that should have been returned to the depositors. With only ₹2 crore required to settle remaining claims, stakeholders are questioning why no depositor has received compensation in over two decades.

The Sprouts News Special Investigation Team (SIT) questions the intentions of the liquidator, pointing out a disturbing pattern of inaction against defaulters. The team suspects collusion between the former fraudsters and the current liquidator, citing the unexplained inaction on a court order allowing recovery from attached properties worth ₹12 crore.

Instead of pursuing rightful recoveries, the liquidator has shifted focus to BCB’s own real estate assets. Plans are now underway to liquidate ₹52 crore worth of BCB property to repay just ₹17 crore owed to depositors. This includes the proposed sale of a large community center belonging to the Bhandari Cooperative Society (BCS), a space with cultural and historical value to the community for over 50 years.

The Bhandari Cooperative Society’s community center has been a social and cultural hub for decades. Used for celebrating Ganesh Chaturthi, Diwali, Christmas, and community weddings, this space holds deep sentimental value. The attempt to liquidate this property has sparked public outrage and is seen as a blatant misuse of power.

Local residents argue that selling such a property for short-term financial recovery is both ethically and culturally unacceptable. The BCS community is mobilizing in protest, planning a demonstration to oppose what they deem an illegal and unjustified sale. Citizens are being urged to join the protest and stand against this assault on their community heritage.

The situation underscores the urgent need for reform in the appointment and monitoring of liquidators in Maharashtra’s cooperative banking sector. The Sprouts SIT strongly advocates for Gawade’s removal and the initiation of criminal and administrative inquiries into her conduct. Moreover, they stress the importance of enforcing existing court orders against the former BCB directors and managers.

Stakeholders demand a liquidation process that prioritizes justice for depositors and protection of community assets—not one riddled with corruption, conflict of interest, and regulatory apathy.

Sprouts News has always stood firmly with bank customers, depositors, and shareholders, advocating for transparency and accountability in the cooperative banking sector. The Sprouts News Special Investigation Team (SIT) strongly opposes the appointment of individuals with a corrupt background, such as Rakhi Mangesh Gawade. Despite repeated efforts by the Sprouts SIT to contact Gawade for her comments on the ongoing investigation and the serious allegations against her, she did not respond or receive the call. This silence raises further questions about her credibility and fitness to serve as a liquidator in any financial institution.