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.
You have reached your limit for free articles this month.
Register to The Hindu for free and get unlimited access for 30 days.
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Personalised recommendations
A select list of articles that match your interests and tastes.
Faster pages
Move smoothly between articles as our pages load instantly.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Briefing
We brief you on the latest and most important developments, three times a day.
Not convinced? Know why you should pay for news.
*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.