Damodar Nagda, Chairman of Bhavishya Credit Cooperative Society was sent on Police remand till 21^st March after he was produced before session court today.

During initial interrogation, Nagda blamed his associates Sanjay Shukla and Rajesh Sharma for master minding the multi-crore Rupees scam that has allegedly duped thousands of investors across the country. It may be noted that Shukla is still absconding.

Ratan Rao Singh, advocate of Nagda, said that the credit co-operative society is a registered society and all investors are issued with bonds or documents in support of their investments. He said that, his client Nagda is ready to pay back all the money to investors, but for that, he needs to get a fair chance.

Singh added that all bank accounts of the society that have been seized contain enough deposits to service all the investors with their principal and interest.

Singh added that an appeal has already been made in court for re-opening the bank accounts of the society so that the investors’ money may be repaid.

Goverdhan Lal, Dysp East Zone informed that, during interrogation, Damodar Nagda confessed of transferring Rs.63 Crore from the society account and investing it for his personal use viz. acquiring lands etc.

‘We are trying to search and scrutinize all land related documents of Nagda to check details of the properties he owns and under whose names are the same registered’ said Goverdhanlal.

Damodar Nagda had surrendered and was subsequently arrested by Bhopalpura Police, Udaipur on 13^th March. Two of the other accused including Rajesh Sharma and Arvind Mehta are already under police custody, whereas another prime accused Sanjay Shukla is still absconding.