Tensions escalated in Nandanvan on Monday after a large crowd of anxious depositors gathered at the head office of the Nirmal Ujjwal Credit Co-Operative Society (NUCC), demanding the immediate release of their matured fixed deposits. In response to the growing crowd, a team of police was deployed outside the society’s head office as well as the nearby residence of Nirmal Group founder Pramod Manmode, located directly opposite the office premises. Kailash Deshmane, Senior Police Inspector at Nandanvan Police Station, confirmed the deployment, stating that the heavy bandobast was put in place as a precautionary measure to prevent any untoward incidents. The confrontation comes on the heels of a chaotic annual general meeting (AGM) held at Anusaya Sabhagruh in Jagnade Chowk. The AGM witnessed heated arguments as frustrated members interrupted proceedings to demand a concrete timeline for pending refunds.

 

 

During the meeting, Manmode appealed for a 45-to-60-day grace period to make necessary administrative and financial arrangements. However, the plea failed to satisfy depositors, who expressed anger over the lack of a clear disbursement schedule amid mounting payment delays across regional branches. The financial institution has been rocked by a severe crisis following allegations of widespread financial irregularities, siphoning of funds, multi-crore fraud, and regulatory bans. Recent investigations by a Special Investigation Team (SIT) and an Economic Offences Wing (EOW) charge-sheet have uncovered serious irregularities, leaving thousands of investors struggling to recover their trapped savings.