Madurai Milk Co-Operative Credit Society officials arrested for swindling Rs 6.4 crore

MADURAI: The sleuths of the Commercial Crime Investigation Wing (CCIW), Madurai, have arrested the secretary and the accountant of Madurai Milk Co-Operative Credit Society (Aavin) for swindling money to the tune of Rs 6.4 crore belonging to 97 depositors. The CCIW is searching for two more accused, who have gone underground.
The arrested accused have been identified as society secretary S Mathalaiyappan, 56, of Muduvarpatti and accountant M Jegadeeswaran, 53, of Palanganatham.
Deputy secretary R G Gangadaran and president K Pandi have gone underground.
The CCIW registered a case on a complaint filed by deputy registrar of cooperative society Sathish Kumar on Thursday.
The accused were booked under various sections of the IPC, including 408 (criminal breach of trust by clerk or servant), 420 (cheating), 467 (forgery of valuable security or will) and 120 (B) – criminal conspiracy.
They arrested were produced before a judicial magistrate on Friday by a team led by inspector Murugeswari.
According to police sources, the forgery took place between April 2018 and November 2019. Employees of the Aavin and retired people had deposited the money. The incident came to light when the members tried to withdraw their money.
The accused checked the deposits without the knowledge of the depositors and swindled the money. An audit conducted by the deputy registrar confirmed swindling of money.