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States » WestPosted at: Dec 4 2020 12:36AM


Chairman, 3 directors of multi-state credit society in Thane arrested for duping investors of over Rs 21 cr

Thane, Dec 3 (UNI) The Mira Bhayander Vasai Virar (MBVV) Police on Thursday said they have arrested four people, including the chairman and three directors of a multi-state credit society (one of them from Karnataka), for allegedly duping investors of over Rs 21 crore by promising them lucrative returns.
The four of the Malayka Multistate Co-op Credit Society Limited in Mira Road town of the district wooed investors on the promise of lucrative returns on their investments and used the money for personal gains, police said.
An offence under sections 420, 406, 465, 468, 471 and 34 of Indian Penal Code as well sections 3 and 4 of Maharashtra Protection of Interest of Depositors (MPID) Act was registered with the Mira Road police station against the accused persons to this effect .
After registration of a case in regards to the crime, a special team was formed to trace the accused persons who had duped around 166 depositors of Rs 21,45,35,673.
During the course of investigation, police arrested chairman Gilbert Pavastin Baptist (resident of Goregaon in Mumbai), Nobel Mascarnes (of Ambernath town of the district), Prakash Etappa Kotian (of Nalla Sopara in Palghar district) and Dinesh Timappa Pujari (of South Canara in Karnataka), recently.
The local police are probing further into the crime to find out the extent of the amount involved in the cheating case and the number of affected victims which is likely to be much more.
Police have appealed to those who had invested in the schemes of this credit society and been cheated to approach them for lodging complaints, sources added.
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Tags: #Chairman# 3 directors of multi-state credit society in Thane arrested for duping investors of over Rs 21 cr
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