Deccan Chronicle reports Jayalakshmi Mutually Aided Multipurpose Cooperative Society in Andhra Pradesh has cheated 19,000 depositors of ?457.48 crores.
Official sources say the society’s functionaries hatched a conspiracy to cheat their customers by offering high interest rates on their deposits.
District authorities informed police about the scam in the bank.
It is worth mentioning that the society has 29 branches, including 11 in Kakinada, six in Konaseema, five each in East Godavari and Visakhapatnam, one each in West Godavari and Vijayawada.