Employees of a (PACCS) in Ettarai in Trichy in Tamil Nadu were recently taken into custody for swindling Rs 40.46 lakh repaid by the customers for gold loan. A case was registered against 11 members of the board for their complicity in the fraud as well, reports Times of India.
The commercial crime investigation wing (CCIW) of Trichy acted on the complaint from the deputy registrar of cooperatives department.
The complaint says the accused swindled the amount from the repayment for the gold loan by 42 customers on gold loan from 2013-16.
An inspection of the department of cooperative societies revealed the irregularities.
