Saturday, November 12, 2016

Rs 10 crore fraud in cooperative bank: Former president among arrested

KANNUR: In a large scale combing operation held early morning within the limits of Valappatnam police station, 16 persons including former cooperative bank president were arrested

In the extensive raid conducted under the guidance of Kannur DySP P P Sadanandan, six accused against whom warrants have been issued, three absconders, and seven other under-trail accused were arrested.

Among the arrested persons, there is former Valappatnam service cooperative bank president T Saifuddhin (65). Also, there are six officers, who were board directors at the time of the bank fraud. Though the embezzlement took place a few years ago, this was the first time when the accused got arrested.  

The team including 15 SIs had formed several groups and raided around 100 houses, which later led to the arrests
Among the arrested there are persons from Muslim League and Congress. The arrested are being grilled at Kannur DySP office.
The accused had swindled crores of money from the bank by mortgaging cheap waste lands, gold ornaments and cheques.

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