Daijiworld Media Network - Kundapur

Kundapur, Jan 5: Sadashiva Vaidya, former chief executive officer of the Ampaaru Cooperative Agricultural Society during the 2023–24 financial year, has been arrested for allegedly misappropriating Rs 3.95 crore from the society.

Police have produced him before court, which has ordered judicial custody.

The allegations state that Vaidya misused his authority to siphon off society funds for personal gain. He is accused of creating fake deposit accounts, recording false expenses in interest accounts, and conducting unauthorised transactions in savings accounts.

Investigations indicate that he also used accounts belonging to his relatives to withdraw money from the society’s deposit, savings, and loan accounts.

The irregularities were uncovered during a routine audit of the society’s deposit sections. Following the audit, the current CEO, Praveen Kumar Shetty, filed a formal complaint with the police, prompting the arrest.

Police confirmed that the accused is now in judicial custody while further investigation into the embezzlement and related transactions is underway.