The Joint Registrar of Cooperative Societies has ordered an investigation into a fake fixed deposit receipt fraud committed by officials at the Primary Agricultural Cooperative Credit Society (PACCS) at Sathyamangalam in Villupuram district in Tamil Nadu, reports The Hindu.
The swindle involved an amount of Rs 4 crore. Several customers had made complaints in this connection.
The investigation revealed that Deputy Registrar of Cooperative Societies Guruswam Basha who died in May was the mastermind behind the fraud.