2 top officials of "Scandalous" Bhavishya arrested

2 top officials of "Scandalous" Bhavishya arrested

Police arrested treasurer of Bhavishya Credit Co-Operative society, Rajesh Sharma and Secretary, Arvind Mehta for alleged fraud of crores of rupees.

 

2 top officials of "Scandalous" Bhavishya arrestedPolice arrested treasurer of Bhavishya Credit Co-Operative society, Rajesh Sharma and Secretary, Arvind Mehta for alleged fraud of crores of rupees.

Two other accused including the Director, Damodar Nagda and vice president, Sanjay Shukla were absconding immediately after the case was registered against all of them on 22nd Feb by one of their employee.

Both Rajesh Sharma and Arvind Mehta surrendered on 5th March. The investigation is now handed over to Special Operation Group (SOG) who will examine the scam with the assistance of a team of auditors and officials of Co-Operative Society Wing – Ministry of Agriculture.

Ajaypal Singh Lamba, S.P Udaipur District informed, “We have arrested both the accused and during initial interrogation a great deal of information came up which will help SOG in their further investigation.”

“The co-operative society showed their asset of Rs.100 crores to their investors, which came to be known as fake. They told their potential investors about an upcoming housing project ‘Kurabo City’ in Kurabar but there was no sign of any such project,” added S.P Lamba.

“Bhavishya Co-operative invested Rs.200 crore, mostly in gold and real estate. In our initial investigation, we found misappropriation in 100 crore rupees investment,” Lamba said.

All computers and technical devices of the society are seized including the bank accounts of the company. Police has also blocked bank accounts of all four key accused, though the accounts had no balance.

According to police, Sanjay Shukla, the vice president of Bhavishya is believed to be the mastermind in executing plans, alluring hefty returns to the investors. Around 15000 people from various parts of the country invested their money in Bhavishya’s several schemes.

Bhavishya Credit Co-Operative Society limited had introduced Petro Cards, Bhavishya Surakshit Shiksha Yojna, Fixed Deposit, M.I.S, R.D, D.D.S etc.

The society was registered in April 2011 and in Dec 2011. The society was transferred into multi-state and registered under Central Registrar Society, Ministry of Agriculture, Krishi Bhawan, New Delhi.

Around 178 branches were opened in Delhi, Gujarat, Bihar, Maharashtra U.P etc. whereas the head office was located at Udaipur.

After the first complaint against the co-operative, many investors came up and lodged police complaint when no return was given to them and the top officials were not responding positively.

Special officer of S.O.G is expected to take the case by today evening and will start investigation with the assistance of local police.

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