Another nabbed in fund misappropriation at Kuruhinasetty Credit Co-op

Depositors alleged that the bank did not return their fixed deposits and officials cheated them of over Rs 90 crore

NT Correspondent

Bengaluru: Probing the misappropriation of funds at the Kuruhinasetty Souharda Credit Co-operative Ltd, the Kempegowda Nagar police arrested another accused involved in the scam. The accused was identified as Rakesh Savi, 51, a resident of Siddique Colony in the Ballari district.

The investigation into the scam began after multiple complaints of cheating, misappropriation, and criminal breach of trust were filed against the management of the bank, by the depositors. In their complaints to the police, the depositors alleged that the bank did not return their fixed deposits and that the officials had cheated them of over Rs 90 crore.

Earlier, News Trail had reported about the arrest of the president of the Kuruhinasetty Souharda Credit Co-operative Ltd, BL Srinivas and his associates, who had allegedly obtained huge amounts of loan money without repaying their customers. Further interrogation is underway with the accused Ravi.