The victims claim they were cheated out of Bt20 million.
Initially, a person claiming damages filed a complaint at Hua Mark Police Station, leading to the arrests of university personnel Kanchalika Kulpanich, 47, and Porntip Deemanyat, 34, for allegedly forging loan documents.
However, the suspects managed to get out on bail and the investigation came to a halt because of insufficient evidence.
Annop, who took over recently, later found that the embezzlement had accrued more than Bt20 million in damages to 142 members and began gathering evidence for police to investigate and retrieve money from crooked personnel.
Meanwhile, Patcharee Thong-dee, 46, a cleaner at the university, said she was horrified to discover that her name was being wrongly used to borrow money from the co-op and hoped she would not be held responsible for money she did not borrow.