DIG G. Palaraju has directed the police and cooperative department authorities of the Godavari region to speed up investigation to nab the key accused in the Rs 457.48 crore scam unearthed in the Jayalakshmi Mutually-Aided Multipurpose (MAM) Cooperative Society, reports the daily Hindu.
It bears recall that Jayalakshmi Mutually Aided Multipurpose Cooperative Society in Andhra Pradesh was in news for cheating 19,000 depositors of Rs 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.