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Time of India

5 yrs on run, kingpin of fake investment racket held in Ranchi

1 2 Dumka: Kingpin of a racket allegedly involved in misappropriating lakhs of rupees from people was arrested in Ranchi after being on the run for five years. The SIT, constituted by the incumbent Godda SP Animesh Nathani , arrested Namit Kumar on Saturday. He was evading arrest by frequently shifting his locations. "Namit Kumar, who was wanted in connection with eight cases lodged against him for embezzlement of lakhs of rupees from depositors of a fictitious bank operated by him during the period between 2019 and 2020, was arrested," the sub-divisional police officer (SDPO) of Godda, Chandrasekhar Azad, said on Sunday. The SDPO said that most of the victims belonged to the Mahgama police station limits of the district, with seven out of the total eight FIRs instituted against him at the local police station. "One out of the eight FIRs was lodged against Kumar, who operated Manav Seva Bank, a fictitious firm that promised higher interest rates to the depositors, with the Godda town police station," the SDPO said, adding that other accomplices of the fraud were arrested earlier. The Godda SP said that the FIRs against Kumar and two other accomplices, arrested earlier, was lodged in 2020 when he closed the firm and escaped after siphoning off around Rs 50 lakh. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Swing Trading: Get Free Access to Mr. Hemant's Elite Strategy! TradeWise Learn More Undo "Other depositors of the said bank, having lost their hard-earned money to the fraudsters, have been asked by the district police to come forward with their complaints," the SP said. The accused, the SP added, hired agents who used to explain the schemes to investors who fell prey to them and deposited their hard-earned money in anticipation of more returns than what the other public and private sector banks promised.