The Economic Offences Cell at Porvorim has arrested a 70-year-old resident of Vaidongar, Parcem in Pernem in connection with an alleged large-scale financial fraud involving misappropriation of depositor funds amounting to over ₹11 crore in the Ashtagandha Urban Co-operative Credit Society Ltd case.
According to officials, the accused was taken into custody on May 19, 2026, after his anticipatory bail application was dismissed by the court. Police traced the accused to his residence before carrying out the arrest.
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Following the arrest, the accused was produced before the court and has been remanded to five days of police custody for further investigation.
The case is being investigated by Paresh Ramnathkar under the supervision of Arshi Adil and Francisco Corte of the Economic Offences Cell.
Authorities are continuing investigations into the alleged financial irregularities and misappropriation of depositor funds.
