Vidarbha Urban Credit Society president arrested for `duping' investors

The Economic Offences Wing of Nagpur police has arrested the president of a credit society here for allegedly duping investors to the tune of Rs 1.19 crore.

The president of the Vidarbha Urban Credit Society Limited was arrested and other office-bearers have been named as co-accused in the First Information Report, an official said on Saturday.

The FIR was registered on the basis of a complaint filed by Anita Nagdeote (35), the police official said.

Nadeote, who worked as a clerk at the society's office, told police that she was promised commission if she acted as an agent and collected deposits.

As many as 39 persons invested more than Rs 1.19 crore with the society between July 2015 and January 2019 through agents like her. Nagdeote herself invested some money in the society's schemes, she told police.

But the accused eventually closed the office, thus cheating the investors, the complaint said. They paid no commission to the agents either.

A case under Indian Penal Code sections 406 (criminal breach of trust) and 420 (cheating) besides relevant sections of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act was registered at Yashodhara Nagar police station and further investigation was underway, the official said.

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