Andhra Pradesh

Coop. society scam: intensify search for V-C, directors, DIG tells SPs

Eluru Range DIG G. Palaraju on Sunday directed the police and cooperative department authorities of the Godavari region to speed up investigation to nab the key accused in the ₹457.48 crore scam unearthed in the Jayalakshmi Mutually-Aided Multipurpose (MAM) Cooperative Society headquartered at Kakinada.

Mr. Palaraju reviewed the status of the case with East Godavari SP Aishwarya Rastogi, Kakinada SP M. Raveendranath Babu and other senior officials here.

Kakinada District Cooperative Officer B.K. Durga Prasad apprised the DIG of the progress of investigation.

"The investigation should be intensified so that the accused are nabbed at the earliest and the deposits paid back to the investors," said Mr. Palaraju.

The society collected deposits through its 29 branches across coastal Andhra Pradesh.

“The assistance of the SPs of the neighbouring ranges will be taken and the data and information related to the case will be exchanged with them,” said Mr. Palaraju.

The DIG directed the SPs to deploy more teams to intensify the search for the society vice-chairman R.B. Visalakshi and the directors who allegedly diverted ₹220 crore deposits into their accounts through loans.

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Printable version | Aug 7, 2022 1:29:03 am |