Kochi: Accountant arrested in case of investment fraud in Angamaly Urban Cooperative Bank. Angamali Police took Shiju into custody at the house of Angamali Puliyanam Peechanikkad Kooran Puliyapilli. The action was taken on the basis of a complaint filed by the District Cooperative Sangam to the Joint Registrar, Ernakulam District Police Chief Vaibhav Saxena.
The case was that by sanctioning loans to ineligible persons, embezzlement and irregularities were committed and the cooperative society was liable to the tune of Rs 55 crore. Angamaly Urban Service Cooperative Bank started its operations in 2002. PT Paul, who was a local Congress leader, was trusted to invest in the bank. Then loans were given to all those who were eligible and needed. Under Paul’s leadership, the governing body has continued for years without an election. But after Paul’s death, the investigation conducted by the Co-operative Department revealed the information of fraud worth crores.
