Former co-op society secretary arrested for Rs 10 cr fraud in Kozhikode
Bindu allegedly took loans in the names of society's account holders and withdrew their investments after forging documents.
Bindu allegedly took loans in the names of society's account holders and withdrew their investments after forging documents.
Bindu allegedly took loans in the names of society's account holders and withdrew their investments after forging documents.
Kozhikode: Balussery police have arrested a woman who was the Secretary of a co-operative society on charges of financial fraud. Padikkal Kandy Bindu (53) from Iyyad, who was arrested on Wednesday, had been under suspension. She is accused of misappropriating funds to the tune of Rs 10 crores from the society.
The police registered a case and began an inquiry after complaints were filed by the customers of Unnikulam Women's Cooperative Society, Balussery.
She allegedly took loans in the names of society's account holders and withdrew their investments after forging documents. The Society has been controlled by the Congress party for more than 3 decades.
The police have registered cases based on complaints from three account holders. More complaints have surfaced alleging fraud.
“We have registered three cases following complaints by FD account holders. We have to cross-check more documents for further details,” said Surendran, SI, Balussery station.
According to police, the fraud began in 2019. When irregularities came to light, Bindu was placed under suspension. Though the Society's governing body convened a meeting to seek an explanation from Bindu, she skipped the meeting.