Guwahati: Assam Gramya Nidhi Bank CMD Nityananda Bhagawati Arrested in Rs 200-Crore Scam

STAFF REPORTER

GUWAHATI: The Noonmati police arrested Nityananda Bhagawati, the Chief Managing Director (CMD) of Assam Gramya Nidhi Bank, for orchestrating a Rs. 200-crore scam. Bhagawati (39) was arrested on Friday after being on the run for over a year.

According to police, Bhagawati promised investors high returns of up to 12% per month, luring them into depositing their savings with the bank. However, he allegedly used the funds to trade in equities, leaving hundreds of investors in financial distress.

The scam came to light after customers filed complaints with the police, prompting an investigation. Bhagawati had earlier assured the police in writing that he would return the funds, but he later absconded.

During police interrogation, Bhagawati confessed to investing the collected funds in online trading platforms. The police are now conducting a detailed examination to trace the misappropriated funds and identify other potential accomplices.

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