Pune police arrest two prime accused in ₹3,500-cr credit society fraud

Two key suspects in the ₹3,500 crore Dnyanradha Multistate Co-operative Credit Society fraud have been arrested; they allegedly duped 4.5 lakh depositors.

The anti-extortion cell has arrested two key suspects in connection with the ₹3,500 crore-fraud related to Dnyanradha Multistate Co-operative Credit Society Limited in Beed. The scam reportedly involved deceptive financial practices and mismanagement.

Acting on a tip-off, the duo was arrested from Phoenix Mall in Wakad. (REPRESENTATIVE PHOTO)

The accused have been identified as vice-chairman Yashwant Vasantrao Kulkarni, 55, and director Vaibhav Yashwant Kulkarni, 24, from Punawale and hailing from Beed. Police had announced cash prize money for information on Vasantrao.

Acting on a tip-off, the duo was arrested from Phoenix Mall in Wakad. They have been accused of duping 4.50 lakh depositors to the tune of ₹3,515 crore. Probe revealed that 42 cases have been filed against the duo at various police stations. Later, the accused were handed over to the Economic Offences Wing of the Beed police.