In a shocking case of financial fraud, the Loni Urban Multi-State Credit and Thrift Cooperative Society allegedly defrauded investors across India, amassing Rs 189 crore by falsely promising high returns on investments.
The scam surfaced in Uttarakhand, where the society reportedly opened numerous unauthorized branches without obtaining prior approval from the Central Registrar of Cooperative Societies. In Uttarakhand alone, the society siphoned off Rs 92 crore, deceiving investors with promises of high returns on investments.
The Uttarakhand Police have arrested five individuals for their alleged involvement in the scheme.
During a press briefing, SSP Pauri Lokeshwar Singh disclosed that the fake society under the name of Loni Urban Multi-State Credit and Thrift Cooperative Society operated 35 branches across the state, luring local residents with offers of high-yield investments in a short time frame.
Highlighting the case’s seriousness, SSP Singh stated that it would soon be handed over to the STF for further investigation. The five arrested suspects were presented before the ADJ Court in Dehradun and have since been remanded to jail.
The individuals arrested include Jagmohan Singh Bisht (51) and his wife Urmila Bisht (45) of Rishikesh, Dehradun; Pragya Rawat (25) and Vineet Singh (37) from Pauri Garhwal; and Girish Chandra Bisht (59) from Dehradun district.
According to the National Cooperative Database, the Loni Urban Multi-State Credit and Thrift Cooperative Society is registered in Ghaziabad, Uttar Pradesh, with an operational area limited to Delhi and Uttar Pradesh.
The society’s chief promoter is reportedly Dinesh Singh.