The Ponda police in Goa say the Shiroda branch of the Quepem urban cooperative credit society has been defrauded of Rs. 1.5 crore.
The police have recorded the crime and begun necessary investigations. As per the complaint lodged with the police, two managers of the urban cooperative credit society were in cahoots with 29 people who received loans.
The charge is that the loanees pledged low quality gold as collateral. The police have taken cognizance of it as a clear case of cheating and would soon apprehend the culprits.
The case dates back to the year 2011. Sources say all the 31 people involved in the crime are still at large but it is hoped that the police would act with dispatch in the matter. The case has been registered under section 420 of Indian penal code.