Jaipur: In a big break in the Navjeevan Credit Cooperative Society scam case amounting to Rs 391 crore, the Enforcement Directorate recently carried out the arrests of Jainarayan Sharma, a Jaipur resident and Nazimuddin, a resident of Barmer.
The ED team investigating the case has reportedly recovered property documents worth Rs 63 lakh as well as 19 kgs of silver from the residence of Sharma. Accounts belonging to a factory being run in Bhiwandi by Nizamuddin, on the other hand, have also been seized by the ED.
As per sources, Sharma is also the operator of Sterling Urban Cooperative Bank.
The scam was exposed in 2019 by the Special Operations Group (SOG) of Rajasthan Police.
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Out of a total of 228 branches opened all over the country by the fraudulent company, 206 were in Rajasthan. Reportedly, a total of 1.98 lakh people had invested in the society.
All the accused had disappeared after taking the money from the investors.
The SOG at the time had arrested Girdhar Singh, the mastermind behind the scam, as well as his brother-in-law Rawat Singh, with the former still in prison over the incident.
Sharma and Nizamuddin are reported to be close allies of Girdhar Singh.
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The money the accused had accumulated from the scam had been invested in various areas, including the cooperative bank and building construction projects.
The ED team, at the time, had carried out raids in various place in and outside of Rajasthan.
The scammers had connivingly extricated the money from investors, promising a doubling of the amount within five years.
