Four bank staff were arrested at Arani in the district for allegedly committing jewellery loan fraud to the tune of Rs 2.51 crore in the Arani Cooperative Bank on Friday, reports the New Indian Express.
Sources said the suspects — Chairman of the Bank Ashok Kumar, Manager Lingappan, Jewellery Assessor Mohan, and Cashier Jagadeesan allegedly got loans in the name of their relatives by pledging gold-plated jewellery.
The fraud came to light after the DMK government announced the gold loan waiver in cooperative banks.