A branch manager of the Koraput Central Co-operative Bank was arrested in Odisha’s Malkangiri district on Saturday for allegedly misappropriating government funds exceeding Rs 1 crore, officials said.
According to preliminary findings, the accused is suspected of diverting funds meant for government schemes through irregular transactions over a period of time. The fraud came to light during an internal review, following which authorities lodged a complaint.
Police have initiated a detailed investigation to trace the fund flow and identify any possible involvement of other officials. Further action will depend on the findings of the ongoing probe.