Multi-crore financial fraud rocks Mira Road again

Bhayandar: Yet to recover from a series of monetary frauds by dubious fly-by-night investment companies, gullible investors have now been duped by a multi-state co-operative credit society in Mira Road.

Notably, the multi-crore investment fraud is said to be the first FIR lodged against at the newly created Mira Bhayandar-Vasai-Virar (MBVV) Police Commissionerate which commenced its functioning from October 1.

According to the police, nine operators of Malaika Multi-State Co-operative Credit Society including chairperson Gilbert Baptist were booked under the relevant sections of the IPC for cheating and criminal breach of trust and relevant sections of the Maharashtra Protection of Interest of Depositors (MPID) Act. However, no arrests have been made so far.

The action followed after scores of investors and shareholders, especially women and senior citizens, approached the police after the society failed to return the interest as well as the principal amount of fixed and recurring deposits even after maturity. “Yes, we have registered an offence against the chairperson and other office bearers of the society. 52 people have so far registered their complaints. We have sealed the office in Shanti Park and are conducting a detailed probe under the supervision of our higher-ups. The culprits will be brought to book,” said Senior Police Inspector Sandip Kadam.

“This fraud is estimated to run into more than Rs 300 crore. About 106 investors have approached me so far. I am still receiving calls from hapless people from outside the city and also other states. All complaints will be compiled and brought under one umbrella to mount a united fight,” said Adv Edgar Braganza.

The society, which has branches in the city, Goa and Mangaluru, offered attractive returns on investments. The Mira Road police have appealed citizens to come forward and lodge complaints if they have been duped by the credit society.

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