The police have launched a search for the chairman, vice-chairman and the directors of Jayalakshmi Mutually Aided Multi-Purpose Co-operative Society Limited for allegedly cheating its depositors in the four districts in the State.
Headquartered in Kakinada, the society reportedly collected the deposits worth hundreds of crores from the depositors through its 29 branches. The society has four branches in the Kakinada town alone.
Kakinada SP M. Raveendranth Babu said on Saturday that the police had swung into the action based on a report prepared by the Cooperative Department that reportedly unearthed the alleged financial irregularities. The depositors had also lodged complaints across the city. Kakinada DSP V. Bheema Rao is investigating the case.
The cases have been registered against the accused for violating the AP Protection of Depositors of Financial Establishments Act, 1999 and Mutually Aided Cooperative Act, 1995.
The Kakinada city police have registered the cases against the accused, who have been identified as R.S.R. Anjaneyulu, chairman of the society; vice-chairman R.B. Visalakshi, treasurer D. Venkateswara Rao, executive director R. Jayadev Mani and six directors.
