Credit society's four office-bearers held for duping investors

Pujari is a resident of Karnataka, while three others were residents of the Mumbai metropolitan region, the police said. "Malaika Multi-State Co-operative Credit Society was set up in Mira Road. The credit society issued advertisments about its schemes under which it promised good returns to the investors," the statement said.

Four top office-bearers of a multi-state credit society based in Maharashtra's Thane district have been arrested for allegedly duping 166 investors to the tune of Rs 21 crore, police said on Thursday. The arrest was made by the Mira Bhayandar Vasai Virar police commissionerate in Maharashtra, they said.

Those arrested were identified as chairman of Malaika Multi-State Co-operative Credit Society, Gilbert Pavastin Baptist, and its three directors Nobel Mascarnes, Prakash Etappa Kotian and Dinesh Timappa Pujari, the police said in a statement. Pujari is a resident of Karnataka, while three others were residents of the Mumbai metropolitan region, the police said.

"Malaika Multi-State Co-operative Credit Society was set up in Mira Road. The credit society issued advertisments about its schemes under which it promised good returns to the investors," the statement said. "A total of 166 people invested in the society's schemes. However, the accused did not return their money and the amount was used for their personal gain. The toal amount involved was Rs 21,45,35,673," it added.

Following a complaint, the police had formed a special team to trace the accused, the police said, adding that an offence was registered at Mira Road police station under IPC sections 420 (cheating), 406 (criminal breach of trust), 465 (forgery), 471 (using as genuine a forged document) and Maharashtra Protection of Interest of Depositors (MPID) Act. The police are trying to find out if any more people had fallen victim to the promises of this credit society.