The total loan, amounting to Rs 91.45 lakh, was availed by pledging 77 items of fake gold, the police said on Saturday.

Elampillai Co-operative Jewel Loan Society Secretary Govindan, Assistant Manager Kannan and two society members were on Friday arrested under various IPC sections including
420 (cheating) and 120 (B) (criminal conspiracy), the police said.
The two members had separately availed loan of Rs 10.29 lakh and Rs 81.16 lakh between July 18, 2012 and March 31 last year by pledging gilted ornaments with the connivance of the two officials, the police added.
The four were remanded to judicial custody and lodged in the Central Prison on Friday night, sources added.


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