Coop credit society chairman among 6 held

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Kolhapur, Jul 8 (UNI) Six persons, including chairman of city-based Tapovan Nagari Cooperative Credit Society, were arrested by the police today for allegedly embezzling Rs 5.60 crore of the society from 1989 to 2006.

The accused were arrested following a complaint about misappropriation of funds lodged by the first class district special auditor Kiran Patil against 61 people, including chairman Dileep Mugdum, former Kolhapur mayor. In the complaint, besides Mr Mugdum, Mr Patil has held directors, general manager and branch managers of the credit society responsible for the fraud, police said.

As per the complaint, the misappropriation of funds took place between November 30, 1989 and March 31, 2006.

All the six accused were produced before a local court later, which remanded them to police custody till July 12, they added.

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