Guwahati Police on Sunday arrested the managing director – Subhra Jyoti Bharali of the Industrial Cooperative Bank for his alleged involvement in a bank fraud scam of Rs 50 crore. Bharali has been sent to three-day police custody.

 An FIR was registered against the managing director by the president of Citizen Rights Protection Forum Bhadrashwar Barman at the Pan Bazar police station on September 15. Since then Bharali has been on the run. Notably, in a previous case, Bharali was even granted bail. Moreover, an employee of the bank had also filed a complaint against Bharali.

Besides Bharali, complaints have also been registered against seven other employees – Rajeshwar Das, Ganesh Deka, Rinku Barman, Mohit Chandra Barman, Naren Chandra Medhi, Mukul Talukdar, and Anil Chandra Kalita.

The bank is located in Guwahati's Lakhtokia area.

Further investigation is underway.