The Judicial Magistrate First Class court on Thursday remanded Veerendra Babu, the chairman and managing director of Swayamkrushi, a co-operative financial institution, in police custody for five days. The institution is accused of duping thousands of customers of their money.
The branch of Swayamkrushi Souharda Credit Co-operative Society in the City was shut down five months ago and a customer had lodged a complaint since his money was not repaid. The police had registered a case.
The JMFC had issued a body warrant to present Veerendra Babu, an undertrial lodged in Central Prisons, Bangalore and eight more accused, before the Court.
(Published 23 August 2012, 18:27 IST)
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