Uttarakhand Chief Minister Pushkar Singh Dhami has approved the transfer of the Loni Urban Multi State Credit and Thrift Cooperative Society fraud case to the Central Bureau of Investigation. This decision comes after multiple complaints were filed alleging that the society cheated investors through 35 branches in the state by offering false promises of high returns.
According to police reports, eight cases have been filed so far across five districts in Uttarakhand including Dehradun, Pauri Garhwal, Tehri Garhwal, Uttarkashi, and Rudraprayag. At least twelve people have been arrested in connection with the case.
The fraudulent cooperative reportedly attracted investors by promising large returns on deposits. Investigations were initially being carried out by the Crime Branch of the Criminal Investigation Department based in Dehradun.
In April, the Uttarakhand Police reached out to the Enforcement Directorate and Income Tax department to take further action against those linked to this fake cooperative scheme.
Earlier in October last year, the Pauri Garhwal police arrested five individuals associated with the society. The arrested include Jagmohan Singh Bisht from Rishikesh, his wife Urmila Bisht, Pragya Rawat and Vineet Singh from Pauri Garhwal, and Girish Chandra Bisht from Dehradun.
AÂ police official stated, “All five are part of the fake cooperative society. They were operating in Uttarakhand. They used to lure people to make investments in their cooperative society by promising them high returns. In Uttarakhand alone, they have failed to give a maturity amount of 92 crore rupees. We have also detected transactions in their accounts from other states, that takes the due maturity amount to 189 crore rupees.”
With the CBI now taking charge of the investigation, authorities hope to bring justice to the many people affected by the fraudulent operations of this society.Â
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