A special party of Chittoor urban police on Tuesday arrested former chairman of Chittoor Cooperative Town Bank Shanmugam acting on a complaint from the bank authorities that he had availed gold loans worth more than ₹ 1 crore by manipulating the process with imitation jewellery.
Senior TDP leader
According to information, the bank authorities, during the annual audit had detected the fraud a week ago, and launched a complaint with the urban police here. Shanmugam, a senior leader of the Opposition Telugu Desam Party, was holding the office of the Chairman of the bank till the party lost the 2019 Assembly elections.
During the last one week, the special party consisting several teams had launched extensive searches for Mr. Shanmugam, and finally managed to arrest him. The police are expected to produce him before the media on Tuesday evening.
