Mangaluru: Co-operative Society manager arrested for stealing gold from locker to avail Rs 3.25 crore loan

Mangalore Today News Network

Mangaluru, July 1, 2025: The Manager of the Shaktinagar Vyavasaya Seva Sahakari Sangha and another person have been arrested on the charges of stealing the gold ornaments pledged by the customers and pledging the same at another co-operative society to avail Rs 3.25 crore loan.

Those arrested are Preethesh, the manager and Sheikh Mohammad, who abetted the former in this illegal act. Police have launched a search for two others wanted in this case.

Co-op Society mangaer arrested

It is learnt, the accused had siphoned off the pledged gold weighing nearly 6.5 kg. When there arose suspicion, Preethesh fled to Bengaluru and then abroad. Meanwhile, as customers demanded justice, Preethesh returned to Mangaluru and surrendered before the court through his lawyer.

It is learnt, Preethesh had planned to replace the gold stolen by him from the locker with imitation jewellery and had even prepared them. The artificial jewellery was seized from Sheikh Mohammad.

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