Man held in alleged ₹4.5-crore deposit fraud
The secretary of the Thalassery Vyapari Cooperative Society was arrested in Rameswaram for an alleged ₹4.5-crore deposit fraud. The suspect had been on the run after promising high returns to investors and subsequently closing the institution.
Why it matters
This highlights the risks associated with unregulated or poorly managed cooperative financial institutions.
The secretary of the Thalassery Vyapari Cooperative Society, who allegedly absconded after collecting crores of rupees from depositors by promising unusually high interest returns, was arrested by the Thalassery police in Rameswaram, Tamil Nadu.
K.C. Jyothish, a native of Pinarayi, allegedly collected around ₹4.5 crore from numerous investors, including relatives, by promising unusually high returns before shutting down the institution and going into hiding. The Thalassery police registered four cases based on complaints from depositors and launched an investigation.
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