Mira Bhayandar Vasai Virar Police has arrested four top office-bearers of the Malaika Multi-State Credit Society from Mira Road for allegedly duping around 165 investors worth Rs 21 crore. Police has successfully arrested Chairman and mastermind Gilbert Baptist including three directors.
According to the police, ten operators of Malaika Multi-State Co-operative Credit Society, including chairperson Gilbert Paustine Baptist, were accused of fraud. However, police has arrested Gilbert (60 of Goregaon), and its three directors Nobel Mascarnes (55 of Ambernath), Prakash Etappa Kotian (53 of Nalla Sopara) and Dinesh Timappa Pujari (50 of South Canara in Karnataka). ,
“Malaika Multi-State Co-operative Credit Society was set up at Happy Home Building in Shanti Park at Mira Road. The credit society issued advertisements about its schemes under which promised of lucrative returns on their investments and used the money for personal gains,” said ACP Vilas Sanap.
“A total of 166 people invested in society’s schemes. However, the accused did not return their money and the amount was used for their personal gain. The total amount involved in the fraud was Rs 21,45,35,673,” said ACP.
An offence under sections 420 (cheating), 406 (criminal breach of trust), 465 (forgery), 471 (using as genuine a forged document) and 34 of Indian Penal Code registered against them. Police has also booked them in sections 3 and 4 of Maharashtra Protection of Interest of Depositors (MPID) Act. Mira Road Police has registered a case against the accused persons in this regard.
Appealed to the victims
Police are probing further into the crime to find out the extent of the amount involved in the cheating case. The number of affected victims likely to increase much more. Police has estimated the fraud to the tune of more than Rs. 300 crore.
The police are trying to search out for more people if they had fallen victim to this credit society. ACP Sanap said, “If somebody became a victim of this fraud, then they should approach us with the evidence. Help us to give you justice.”
“Process was on to gather information about the movable and immovable property accumulated by the accused. The lists will be forwarded to the district collector for attachment proceedings in MPID Act,” said ACP Sanap.
Court has remanded all the accused to the police custody till December 08.
Nevertheless, the Malaika Multi State Credit Society has branches in the Mira Road, Goa and Mangaluru.