News reports say the Crime Investigation Department has detected a fraud in the Andhra Pradesh State Cooperative Bank Ltd (APCO) that was committed during the regime of the bank’s former director Gujjala Srinivasulu.
The CID authorities raided the houses of offices of Srinivasulu and confiscated documents related to the scam in APCO.
This has been done on the basis of the complaint from Federation of Primary Weavers Cooperative Societies’ Presidents alleging the APCO had suffered losses of Rs 4,000 crore during the regime of Srinivasulu.