The Commercial Crime Investigating Wing police arrested former secretary of Devinaickanpatti Primary Agricultural Cooperative Bank in Vedasandur block on the charges of cheating and committing financial malpractices to the tune of Rs. 67.88 lakh here on Thursday.
The arrested was Arivazhagan (44) of Kalvarpatti village and secretary of the PACB between 2012 and 2014.
Acting on a complaint lodged by Deputy Registrar of Cooperatives Jesudasan, the police registered a case and arrested him.
He was produced before the judicial magistrate court in Madurai and remanded in 15 days’ judicial custody. He was lodged in Madurai prison.
After verification of accounts, the PACB accounts officials detected that Arivazhagan had disbursed loans for imitation jewellery and mortgaged bank’s gold jewels in private companies for higher interest.
A special police team camped in Vedasandur and arrested the accused while he was going near Athupalam in the town.