New Delhi: The Enforcement Directorate arrested two persons in connection with Navjeevan Credit Co-operative Society scam case on Saturday (December 11).
The agency claimed that the two were involved in money laundering and cheating investors by promising them unrealistic returns on their investment.
In the FIR, it was alleged that Navjeevan Credit Co-operative Society through the Chairman, his aides and relatives opened more than 200 branches in Rajasthan and Gujarat.
“The Chairman, his aides and relatives availed loans from the society funds fraudulently in the name of entities owned and controlled by them and their close associates,” said ED in a statement.
“ED has arrested Jai Narayan Sharma and Nizamudin on 11.12.2021 in Navjeevan Credit Co-operative Society Scam Case. One day before the arrest, ED conducted searches at 6 premises of Sterling Urban Co-operative Bank Ltd., M/s Ashapura Agro Industries, M/s Western Energetics Private Limited; residential premises of Jai Narayan Sharma Chairman Sterling Urban Co-operative Bank Ltd.; Rawat Singh and Preeti Swami situated in Rajasthan (5) and Gujarat (1) under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA),” said ED.
The agency further said that they seized Rs 62.60 lakh cash, silver weighing 20 kg and incriminating documents and digital devices during the search.
The arrest accused have been remanded to ED custody till December 24.