Nashik, Jul 22 (PTI) Two persons have been arrested in connection with a fraud of more than Rs 21 crore at a cooperative credit society in Maharashtra's Thane district, police said on Saturday.

The police have arrested two persons involved in cheating investors and account-holders of Late Subhashchandji Parakh Urban Co-operative Credit Society in Yeola tehsil of the district, an official said.

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The police in 2021 had registered a case against the chairman, board of directors, manager and employees of the credit society under relevant sections of the Indian Penal Code, Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 and Maharashtra Co-operative Societies Act, 1961.

Acting on a tip-off, the police nabbed the main accused Ajay Bhagchand Jain from Manmad town on Friday and the other accused Akshay Ravindra Chhajed was also apprehended the same day.

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The duo has been remanded to police custody and the Economic Offences Wing (EOW) is probing the matter.

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