Indore Special Task Force (STF) has arrested Vikas Bhandari, an accused in a cooperative institution scam, for allegedly being involved in a fraud of Rs 91 crore.
It has been alleged that Bhandari, along with 27 others, has not returned the deposited amount of their account holders. Several complaints have also been filed against the accused.
"We have arrested Vikas and a few more in the case. He had a bounty of Rs 10,000 in this case. Vikas had not returned the money and was absconding from the past one year. There were 19,000 accounts. A complaint has been lodged against him under Section 420, 409 of the Indian Penal Code (IPC)," said MA Sayyed, Inspector STF.
So far, the police have arrested seven accused and efforts are on to nab the remaining 20 suspects.
Further investigation into the matter is underway.
( With inputs from ANI )