The Rajasthan police Saturday conducted raids at several places in the country and arrested 11 current and former office bearers of Mukesh Modi's Adarsh Credit Co-operative Society Ltd in connection with a multi-crore fraud, officials said.
The special operations group of Rajasthan police raided premises at several locations including Mumbai, Ahmedabad, Sirohi, Gurgaon and Jaipur, an SOG official said.
The SOG had begun the probe in July last year and registered an FIR December last year.
The society, with 806 branches across the country, including 309 in Rajasthan, has around 10 lakh investors with an investment of about Rs 8,000 crore with it.
The society siphoned off investors' money by transferring the fund to shell companies, said ATS and SOG Director General Bhupendra Singh Saturday.
The founder also benefitted his family members and duped the investors, DG ATS and SOG Bhupendra Singh said on Saturday.
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