VILLUPURAM: Five individuals, including the bank president Shanthi and vice president Arulmeri, were arrested on Friday for swindling Rs 4.50 crore from Sathyanagaram Primary Agricultural Cooperative Credit Society in Gingee from 2016 to 2021.
Sources said, during the period 2016-2021, Rs 4,50,60,652 that had been deposited in the credit society under various loans, was never credited to the beneficiaries’ accounts.
Based on the complaint filed by the Deputy Registrar of Cooperatives Department (Tindivanam) Sornalakshmi, police filed a case against the five individuals under Sections 408, 120 (b), 471 and 477 (a) of IPC, and promptly arrested them. The other accused include senior clerk Pasumalai, clerk Murugan and salesman Vijayaraj. The fourth accused, Syed Basha, has passed away, sources added.