Man held for Rs 89 lakh loan fraud in Kochi cooperative society

Njarackal police on Sunday arrested Anoop C.J., a 44-year-old gold appraiser at the Karuthedam Rural Service Cooperative Society, for allegedly misappropriating Rs 89 lakh through a loan fraud. The Hindu reports that between January 2014 and June 2024, he recorded that the bank had accepted 1,565.9 grams of gold as collateral and issued loans against the fake pledges.

Anoop, a resident of Malippuram in Elamkunnapuzha, was taken into custody on August 16. Police said they are also probing his other financial dealings. The cooperative society is expected to conduct an internal audit following the arrest.