The Economic Offences Wing (EOW) police have arrested five persons including the former president of a primary agricultural cooperative credit society in Sathyamangalam village near Gingee, for carrying out fraudulent transactions to the tune of ₹4.50 crore.
The arrested were identified as former president Shanthi, 50, vice-president Arul Mary, 45, and credit society members Pasumalai, 55, Murugan, 45 and Vijayaraj, 50. Police said the five had taken jewel loans, farm credit, and had withdrawn cash from the accounts of members by forging documents and withdrawal slips from 2015 to 2021.
The fraud came to light recently during an inspection and a complaint was lodged with the Economic Offences Wing.
The five were produced before a local court and remanded in custody.
