Gordhan Patel was arrested on Sunday and produced before a local court on Monday, which remanded him to police custody till October 12, the official said.
He was arrested by the Petlad police in Anand district on the basis of a complaint filed by D B Sisodia, administrator of PMUCS, which alleged that Patel, who was the then advisory board member and his wife Kanchan, the manager of the society had misused their office and cheated the organisation between the year 1998-2003, the official said.
As per the complaint, Patel, in alleged connivance with his wife, had issued loans to the tune of Rs 73 lakh to her relatives, sons and close friends, despite them not being eligible for it.
The benefactors had failed to repay Rs 83 lakh, which included the interest amount. The complaint also named 14 others who had defrauded the credit society.
