Misappropriation of funds worth Rs 224.61cr detected in Cooperative Banks in Odisha

Bhubaneswar, Aug 1 (IANS) Misappropriation of funds to the tune of Rs 224.61 crore has been detected in various cooperative banks across Odisha. The irregularities came to fore during the financial audit of Odisha State Cooperative Bank (OSCB), 17 Central Cooperative Banks (CCBs), and 13 Urban Cooperative Banks (UCBs) in the state.

The information has been shared by the state Cooperation Minister Pradeep Bal Samanta while answering a question asked by senior Congress leader Tara Prasad Bahinipati in the Odisha Assembly on Wednesday.

Samanta also told the Assembly that the audit found the involvement of as many as 1,704 people in the misappropriation of the funds.

He said that Rs 16.63 crore has been realised till date from the persons involved in the misappropriation of the funds over several crores.

The department has also issued directions for the recovery of another Rs 30.73 crore from 706 persons found responsible for the fraud.

Meanwhile, the Registrar of Cooperative Societies, Odisha, on Wednesday suspended the management committees of the Odisha State Cooperative Bank Ltd and Odisha Cooperative Housing Corporations Ltd under the Odisha Co-operative Societies Act, 1962 over misappropriation of funds.

The department in its orders said that management committees are acting in a manner prejudicial and detrimental to the interest of the Bank and its members as well as the members of its affiliated Cooperative Societies.

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