Jaipur: Rajasthan special operations group (SOG) on Tuesday arrested Vikram Singh – founder of Sanjivani Credit Cooperative Society on suspicion that he duped people of nearly Rs 1000 crore. The society office bearers conned people into investing by promising them unrealistic returns. They then allegedly lent the money to people on the basis of fraudulent documents.
SOG officials said that Vikram Singh opened 237 branches of Sanjivani Credit Cooperative Society in Rajasthan and Gujarat.
“They promised unrealistic returns and made people invest in the society’s schemes. They then lent the money on the basis of fraudulent documents. The people who are shown as borrowers in records don’t even know that they had borrowed the money,” said a senior SOG official.
Vikram Singh will be produced in a court on Wednesday. The SOG will seek his remand.
“More arrests are likely after the interrogation with Vikram Singh,” said the officer.
The society was founded in 208-09. The SOG suspects that more than 1.47 lakh people invested in various schemes advertised by the society.
This is third case of fraud by credit society that was exposed by SOG this year. Earlier, the office-bearer of Aadarsh Credit Society and Navjeen Credit Society were arrested on suspicion of frauds amounting to Rs 14,00 crore and Rs 400 crore respectively.