Udaipur, June 5, 2026 (Udaipur Kiran) : A court has rejected the bail application of a founding member of Sanjeevani Credit Co-operative Society Limited, who is accused of allegedly cheating investors by luring them with schemes promising double to two-and-a-half times returns and misappropriating more than ₹9.83 lakh.
According to the case record, on November 5, 2020, Shiv Prasad, Madhu Dadhich, Vidya, Sushila and Maina filed a complaint through a court reference against Managing Director Vikram Singh, founding member Naresh Soni, CEO Kishan Singh, Board Member Devi Singh, founding member Shaitan Singh and Manager Mahesh Chandra Lodha of Sanjeevani Credit Co-operative Society Limited, Rajsamand branch.
The complaint alleged that the accused, acting in collusion, registered the society in the name of multi-state banking business and established a branch in Rajsamand. Local citizens were appointed as agents by offering higher commissions, while various deposit schemes were widely promoted.
It was further alleged that Mahesh and other employees induced investors by promising higher profits, better returns and doubling to two-and-a-half times the deposited amount within a short period. The complaint stated that investors deposited ₹9,83,328 in fixed deposits after being influenced by these assurances. However, after the maturity period, the amount along with interest was not returned. The society later allegedly refused payment, claiming that the funds had become stuck or lost.
The bail application was filed by accused Shaitan Singh, son of Uttam Singh, a founding member of the society and resident of Sagra village, Dechu, Jodhpur, who is currently in judicial custody.
During the hearing, Additional Public Prosecutor Vandana Udawat opposed the bail plea, arguing that 14 cases had been registered against the accused in various districts of the state and that he was accused of deceiving people and misappropriating their lifetime savings.
After hearing both sides, Additional District and Sessions Judge No. 3 Manish Kumar Vaishnav rejected the bail application, citing the seriousness of the offence. In the order, the court observed that economic offences affect a large section of society.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
