Coop society president held for swindling Rs 3 crore

The Economic Offences Wing (EOW) of the Delhi Police has arrested Vinay Kumar Mishra, president of the Mithila Cooperative Thrift and Credit Society, for allegedly duping people of crores of rupees through fraudulent investment schemes.

Mishra, who had been absconding, was arrested from Dhupguri in West Bengal. Earlier, an FIR was registered under Sections 420, 406, 409 and 120-B of the IPC on May 27.

According to the police, Mishra lured victims, primarily daily-wage workers, by promising them hefty returns on investments. So far, 45 victims have come forward with a reported loss of Rs 3.05 crore.

Mishra, who completed his Class XII from a government school in Muzaffarpur (Bihar), initially worked as a branch in-charge for a company that took public deposits under the pretext of investments. Deputy Commissioner of Police (DCP) Vikram K Porwal said Mishra eventually launched his own cooperative society and began duping gullible individuals. He would encourage victims to invest their money into the society’s schemes, and then used these funds for his personal benefits.

“Mishra is currently under a four-day police remand, where he is being interrogated to uncover the full extent of the conspiracy, identify his accomplices and recover relevant documents,” the DCP said.