In a major financial fraud,the Cubbon Park police have arrested two persons,including the CEO of the Employees’Provident Fund Organisation (EPFO) Staff Credit Cooperative Society,on charges of embezzling around Rs.70 crore from the society’s funds.

The arrested accused have been identified as Gopi,the society’s CEO,and Lakshmi Jagadish,a staff member.

Another key suspect,accountant Jagadish,is currently absconding,and efforts are on to trace him, police said.

The EPFO Staff Credit Cooperative Society, which has been functioning for over 61 years,was established by EPFO employees for mutual financial support.

Both serving and retired employees had invested large sums as fixed deposits (FDs) in the society and received monthly interest payments as per norms.

However,when the interest pa

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