Maha: Man held for duping people in name of lucrative returns on investment

A man was arrested from Mangaluru in Karnataka for allegedly defrauding people in Maharashtra's Thane by setting up a cooperative credit society and accepting deposits under the pretext of higher returns, police said on Monday.

A senior inspector of the Thane crime branch's Economic Offences Wing (EOW) said that an FIR was registered against the accused, Raviraj Samani, for cheating in January 2020.

Samani had set up a cooperative credit society and accepted investments from citizens promising them lucrative returns. He fled without returning even the invested amount, the police said.

As per the preliminary investigation, the accused duped at least 90 persons to the tune of Rs 1,30,15,622, the inspector said.