Cooperative society in account books has shown loans worth Rs 1,100 crore: Cops (Representational)

The Rajasthan Police today claimed to have arrested a prime accused in a Rs 1,000-crore Ponzi scam involving nearly 1.5 lakh investors.

The police were investigating the alleged scam by the Sanjeevani Credit Cooperative Society Limited for the last three to four months.

Vikram Singh Rajput (39) is the founder and managing director of the cooperative society, ADG (ATS and SOG) Anil Paliwal said.

Mr Paliwal said the accused had allegedly committed fraud with people by promising unrealistic profit on their deposits through a Ponzi scheme.

Mr Paliwal said the society through its 211 branches in Rajasthan and 26 branches in Gujarat committed fraud with 1,46,991 investors who deposited more than Rs 953 crore in the scheme.

The cooperative society in its account books has shown loans worth Rs 1,100 crore, he said, adding investigation revealed that about 55,000 loans shown in the accounts are bogus, the ADG said.