The Commercial Crime Investigation Wing (CCIW) Police have arrested three employees of a cooperative society in Coimbatore, Tamil Nadu on charges of swindling Rs. 1.7 crore from the society with five others. The police said the fraud took place between the year 2002 and 2008, reports Hindu.
The CCIW police said the eight accused, including the secretary of the society, the prime accused in the scam, cheated the society of dues paid by the members of the society and not depositing them in the society’s account.
The accused were booked under sections 468 (forgery for purpose of cheating), 471 (for using as genuine a forged document or an electronic record), 477A (falsification of accounts), 420 (for cheating and dishonestly inducing delivery of property), 120B (criminal conspiracy) and 109 (abetment if the act is committed in consequence and where no express provision is made for its punishment) of the Indian Penal Code.
The arrested were K. Raghupathy (45) of Cheran Maa Nagar and K. Shanthi (44) of Press Colony who were writers in the cooperative society and P. Arumugam (62) of Kovaipudur who did the auditing for the society and allegedly helped in covering the scam.
Police were on the lookout for the five others including the secretary of the society. The scam allegedly occurred between 2002 and 2008. A couple of days ago, Deputy Registrar (Housing) M Sekar lodged a complaint with police after which action was initiated.
