Hindu reports based on the complaint of Deputy Registrar (Cooperatives) Illamathi, in Tamil Nadu, the police arrested three persons on charges of embezzlement of funds.
The accused were working at the Kodaikanal urban cooperative bank and had indulged in serious illegal transactions such as money from active accounts into inactive accounts.
Their modus operandi came to light and the bank immediately acted against them. The accused defrauded the bank of Rs 17 lakh and shared the amount among themselves.