45 people lose 3cr, EOW nabs co-op society head

New Delhi: Rajesh Kumar, a daily wage labourer, spent years scraping together every rupee, working extra shifts and skipping meals to save for his family's future. He accumulated Rs 2 lakh for his children's education, his wife's medical treatment, and a better life. But in an instant, the entire money vanished.
Vinay Kumar Mishra, president of Mithila Co-operative Thrift & Credit Society, promised astronomical returns, and Kumar trusted him.Now, he is among the 45 victims who collectively lost over Rs 3 crore to Mishra's deceitful schemes.
Mishra's society promised unrealistic returns, enticing vulnerable individuals with dreams of financial security. He allegedly orchestrated a multi-crore scam, exploiting the trust of those who could least afford it. The conman was recently arrested from West Bengal by Economic Offences Wing.
The matter came to fore when a few investors approached EOW in May. During the probe, Mishra deliberately evaded authorities and avoided the use of electronic devices. Police, however, discovered that he might be seeking refuge in West Bengal. Subsequently, through a combination of technical surveillance, investigation and local inquiries, Mishra was arrested on the night of Oct 3 in Dhupguri, Jalpaiguri.
DCP EOW Vikram K Porwal stated that the court granted a four-day police custody remand for Mishra. Cops were interrogating him to uncover the trail of funds collected from victims, expose the criminal conspiracy he orchestrated with accomplices, and retrieve crucial documents related to the case.
After completing his Standard XII at a govt school in Muzaffarpur, Bihar, Mishra worked for a company that solicited deposits from the public under false pretences. This experience laid the groundwork for his own fraudulent venture, police said.