One arrested in multi-crore fraud case at Kavadi Branch of Shiriyaar Cooperative Society
Kota: Police have arrested one of the key accused in the multi-crore fraud reported at the Kavadi branch of the Shiriyaar Service Cooperative Society in Sabarakatte.
The arrested person has been identified as Suresh Bhat, 38, from Jaanuvaarakatte in Heggunge village. He was serving as the in-charge manager of the Kavadi branch. According to the complaint, Suresh Bhat and junior clerk Harish Kulal had allegedly misappropriated around 1.70 crore rupees from the society before going into hiding. A case in this regard had been registered at the Kota police station.
Under the guidance of Udupi DySP Prabhu D.T. and Brahmavar Circle Inspector Gopikrishna, a team led by Kota Police Sub-Inspectors Praveen Kumar and Mantesh Jabagoud, along with staff members Krishna Sheregar, Sridhar and Vijayendra, traced and arrested Suresh Bhat.
The second accused, Harish Kulal, is still absconding. Police have launched a search to trace him.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
