11 arrested in Rs 5.60 cr misappropriation case

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Kolhapur, July 17 (UNI) Police today arrested eleven people in connection with a local credit society misappropriation scam, involving an amount of Rs 5.60 crore.

The arrested, including three directors and seven branch managers of the Tapowan Nagari Co-operative Credit Society, were remanded to three-day police custody by a local court.

A case was registered against 61 people, including chairman Dileep Mudgum and general manager of the society, by the first class district special auditor Kiran Patil, police said.

Mr Mudgum, among six persons arrested July eight, was recently released on bail, police said.

In his complaint, Mr Patil had charged that the misappropriation occurred between November 30, 1989 and March 31, 2006 in the society's main head office and all branches, through illegal process in the guise of disbursing loan, police added.

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