Mumbai: Co-op credit society members booked for duping investors

Mumbai: Co-op credit society members booked for duping investors

Staff ReporterUpdated: Wednesday, November 30, 2022, 01:20 AM IST
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Mumbai: The Vile Parle police have registered a case of cheating and criminal breach of trust against three officials of a cooperative credit society for allegedly duping at least 15 investors to the tune of Rs35.53 lakh. The society members had promised the investors 15% returns.

The complainant in the matter is a 61-year-old resident of Andheri. As per his complaint, one of his neighbours said he runs a credit society in Vile Parle and  encouraged him to invest to earn good returns.

Trusting the lucrative scheme, the senior citizen, his family members and relatives invested Rs35.53 lakh over a period of several years. However, they did not get returns as promised and approached the police to get an offence registered on Tuesday.

The police have registered a case for breach of trust, cheating, dishonestly inducing delivery of property and fraud by a financial establishment under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act.

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