The AP Crime Investigation Department (AP CID) recently arrested the chairman, vice-chairman and director of Jayalakshmi Mutually Aided Multipurpose Co-operative Society Limited, Kakinada, for their alleged involvement in swindling Rs 458 crore in deposits, reports Express News Service.
The CID, says more than Rs 220 crore of the total Rs 458 crore was diverted and taken as loans by the society’s vice-chairman, directors and their relatives.
Police registered cases against the accused for violating the AP Protection of Depositors of Financial Establishment Act, 1999 and Mutually Aided Cooperative Act, 1995.