Delhi Police arrests co-operative society’s head for duping investors of over Rs 3 crore

The Economic Offences Wing (EOW) of Delhi Police announced on Tuesday that they have arrested the president of a co-operative society for allegedly defrauding over Rs 3 crore from at least 45 individuals by promising high returns on investments.

Deputy Commissioner of Police (EOW) Vikram K Porwal said that the accused, Vinay Kumar Mishra, deceitfully persuaded the victims to invest their money in the society’s schemes, assuring them of substantial future profits.

According to Porwal, after receiving deposits from the public, Mishra misappropriated the defrauded funds for his personal use.

The DCP noted that daily wage earners were the primary targets of Mishra’s schemes. He misled these individuals by presenting attractive investment opportunities, ultimately scamming them out of Rs 3.05 crore.

So far, 45 individuals have come forward with complaints against him, and the total number of victims is expected to increase.

The investigation began when several investors approached the EOW in May. A team from the EOW apprehended him last week in Jalpaiguri, West Bengal.

Also Read: Bamboo Oasis Cafe: A tranquil escape with lavish meals in nature’s lap

Another officer revealed that Mishra, originally from Muzaffarpur in Bihar, served as a branch in-charge at a company that solicited public deposits under the guise of investment opportunities. After his tenure there, he established his own co-operative society.

As president of the Mithila Co-operative Thrift and Credit Society, Mishra began defrauding individuals of substantial sums, the officer added.

Delhi Police indicated that Mishra is currently being interrogated to determine how he diverted and used the funds collected from the victims. Investigators aim to uncover the criminal conspiracy involving him and any accomplices while also recovering relevant documents related to the case.

(With inputs from PTI)