India, June 7 -- A 33-year-old agent who fled with more than Rs.50 lakh from depositors of a Mulund-based cooperative credit society was booked on Thursday for cheating. He had been working there as an agent for over a decade and had hence gained the trust of people and staff to convert their money into fixed deposit receipts.

According to the police, Jai Maa Ambe Cooperative Credit Society in Mulund (West) has over 5,000 fixed deposit account holders. The society had appointed eight agents to collect money from people to deposit it in their fixed deposit (FD) accounts using a mobile phone app between 4pm and 8pm every day. The cash was physically deposited in the society's office around 11am the next day. The suspect, Jai Rajbhar, was h...