Rajasthan Police say they have arrested Vikram Singh a prime accused in a Rs 1,000-crore Ponzi scam involving nearly 1.5 lakh investors in Sanjeevani Credit Cooperative Society, reports PTI.
Police sources say Singh had allegedly defrauded people by promising unusual profits on their deposits through a Ponzi scheme.
The cooperative society has 211 branches in Rajasthan and 26 branches in Gujarat. Investors who deposited more than Rs 953 crore in the scheme.
Investigation has shown that about 55,000 loans mentioned in cooperative’s accounts are bogus, police say.