Chittoor Urban police recently took Shanmugam the former chairman of Chittoor Cooperative Town Bank into custody for defrauding the bank of Rs. 1.2 crore, reports Hindu.
The accused had taken gold loans using counterfeit jewellery as mortgage. The accused enjoys a high position in the opposition Telgu Desam Party in AP.
Police say the fraud came to light when the bank manager was handing over his charge to his successor.
