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The Chief Managing Director (CMD) of a private bank in Guwahati was arrested after he confessed to using consumer deposits to trade in equities. The accused lured customers promising them as much as 12 per cent returns on their savings every month. Having orchestrated the Rs 200 crore scam, the accused was on the run.
Noonmati police in Guwahati managed to apprehend Nityananda Bhagawati (39), CMD of Assam Gramiya Nidhi Bank from Beltola. Coming from Nayakpara in Assam’s Sipajhar, Bhagawati had established the bank at Narengi four years ago. He went on to hire agents and deploy them across Assam to pursue customers to open accounts with the bank. Promising high returns, the agents targeted small businesses and daily wagers.
Initially, the bank fulfilled its commitments, paying investors as promised. This created a sense of trust, leading many to park sums ranging from Rs 50,000 to Rs 5 lakh. However, approximately a year ago, the payouts abruptly ceased, with Bhagawati citing various excuses for the delays.
Customers soon filed complaints at Noonmati police station, prompting an investigation. During earlier questioning, Bhagawati assured the police in writing that all funds would be returned. While a small fraction of the dues was reportedly repaid, he later absconded, leaving hundreds of investors in financial distress.
Based on the complaints, police registered a case under Sections 406 and 420 of the Indian Penal Code (IPC) and launched an extensive search operation. Despite evading arrest for a year, Bhagawati was finally nabbed in a targeted operation on Friday.
During police interrogation, Bhagawati confessed to investing the collected funds in online trading platforms. Investigators are now conducting a detailed examination to trace the misappropriated funds and identify other potential accomplices.
This high-profile arrest has brought some relief to the affected investors, though their financial recovery remains uncertain. Police assured that further steps would be taken to ensure justice for the victims. Meanwhile, Bhagawati remains in custody for interrogation, as authorities work to unravel the full extent of the scam.
Also Read: Bihar Youth Held For Cheque Fraud And Theft Of Rs 4.8 Lakh