India, Feb. 18 -- The Borivali police have arrested the director of a credit society and registered a case against 14 other office bearers of the society for allegedly defrauding two individuals of Rs.1.75 crore by promising them loans for construction work in a private school and office.

The police have arrested Rajani Deshpande of the Gajanan Sahakari Credit Society and have launched an operation to nab the other wanted 14 accused in the case, including Jitendra Kokreja, Sushim Gaikwad, Popat Mule, Nikam Patil, Mohammad Aziz, Jayashree Bhoj, Amit Mehta, Suvarna Barekar, Bharat Babu Rangare and Anand Swami.

According to the police, the complainant, Rajkumar Anirudh Ghadge, a farmer from Solapur needed funds for some construction work i...