Delhi Police arrests co-operative society’s head for duping investors of over Rs 3 crore

New Delhi: The Economic Offences Wing of the Delhi Police has arrested the absconding president of Mithila Co-operative Thrift & Credit Society, for allegedly duping numerous victims out of over Rs 3.05 crore.

The police were informed about the scam through a complaint registered at the Economic Offences Wing.

The accused has been identified as Vinay Kumar Mishra resident of Muzaffarpur, Bihar.

According to the police, the complainant in the case alleged that Mishra dishonestly induced the public to invest money into schemes offered by the society, promising them significant profits.

He presented a false picture of easy returns, convincing people, mostly daily wagers, that they could become wealthy quickly. Over 45 victims have come forward, and authorities believe the total defrauded amount could rise as more victims join the investigation.

An FIR was registered under sections 420, 406, 409, and 120-B of the Indian Penal Code on May 27, at the Economic Offences Wing Police Station in New Delhi.

Mishra’s modus operandi involved exploiting the trust of vulnerable individuals by offering them fraudulent investment schemes. After collecting deposits, he misappropriated the funds for personal use.

Mishra evaded authorities for several months by avoiding the use of electronic devices and remaining in hiding.

However, through persistent efforts, including technical surveillance and local inquiries, the police traced him to Dhupguri in West Bengal’s Jalpaiguri district. He was arrested late on the night of October 3 and brought to Delhi, where a court has granted the police four days of custody for further interrogation.

The accused Mishra, a native of Muzaffarpur, Bihar, completed his 12th standard from a government school before beginning his career with a company that took deposits from the public.

After learning the tactics of such schemes, he founded the Mithila Co-operative Thrift & Credit Society, using his position as president to cheat unsuspecting investors.