Credit society secretary held for ‘misappropriating’ ₹1.25 crore

The Erode District Crime Investigation Wing police arrested the secretary of a Teachers’ Co-operative Thrift and Credit Society in Chennimalai for allegedly misappropriating ₹1.25 crore belonging to the society.The credit society has more than 100 teachers as members, who deposit their savings with it and avail themselves of loans at low interest rates.The secretary, Balasubramaniam (54) of Minnangadu in Chennimalai, allegedly collected deposits from teachers but did not credit them to society accounts. He also allegedly failed to enter into accounts the loan repayments made by members, police said.After some members noticed the irregularities, they lodged a complaint with the Regional Deputy Registrar of Co-operative Societies. Following directions from the Joint Registrar, an audit team examined the society’s accounts and detected alleged misappropriation of ₹1.25 crore.Co-operative Department officials subsequently lodged a complaint with the police, who registered a case and launched a search for the secretary and two other employees.A police team arrested Balasubramaniam, who was produced before a court. He was remanded in judicial custody and lodged in the Erode sub-jail. The police are searching for the two other employees. Published - September 02, 2026 07:03 pm IST