Two loan agents arrested for misusing funds of credit society in Adilabad

Adilabad police arrested two loan recovery agents for misusing Rs 12.5 lakh collected from customers of a rural microcredit firm. The accused, hailing from Hasnapur village, diverted the funds for personal use and falsely claimed to have deposited them with the credit society.

Adilabad: Two loan recovery agents of a rural micro credit corporation were arrested for allegedly misusing funds collected from the public in Adilabad on Saturday.

Police said Ragam Ramesh and Konduri Rakender, both from Hasnapur village in Thamsi mandal were apprehended for using Rs 12.50 lakh recovered from customers of Rural Development Credit Corporation to meet their personal needs. While Ramesh diverted Rs 4 lakh, Rakender misappropriated Rs 8.50 lakh.

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During questioning, the two reportedly confessed to committing the offence by claiming that they paid the funds to the society.