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Kunisetty Siva Naveen, a chartered accountant and professional director on the bank's governing body, was arrested on Thursday at a bus stop in Guntur city. He was produced before a court on Friday and remanded to 14 days of judicial custody.
The arrest was made under the supervision of CCS DSP B.V. Madhusudana Rao, following directions from Guntur Superintendent of Police Vakul Jindal, in connection with alleged large-scale financial irregularities at the Nallapadu GDCC Bank.
The case involves former bank officials, including former manager Devarakonda Aruna Kumari, former CEO Thorlikonda Krishnaveni, and former chairman Ratamsetti Seetharamanjaneyulu, who are accused of violating banking norms and causing heavy financial losses.
A case was registered at Nallapadu police station under various IPC sections, including criminal conspiracy, cheating, and forgery. Police said efforts are under way to trace other absconding accused in the case.
The court will continue to hear the case, as police investigate further into the allegations of financial irregularities at the bank.