Annual audit of Primary Agricultural Cooperative Bank showed irregularities
Two officials of a Primary Agricultural Cooperative Bank (PACB), Ponneri near Harur were arrested by the Economic Offences Wing of the Dharmapuri police on the charges of defrauding to the tune of Rs. 31.60-lakh in extending jewellery loan for imitation jewellery here on Saturday .
The two officials were placed under suspension immediately.
The fraud came to light during the annual audit of the PACB, which prompted the farmers to lay siege to the bank.
The officials along with the Harur M.L.A. P. Dillibabu rushed to spot, pacified the farmers to disburse assuring them of remedial action.
Two officials secretary of the bank were placed under suspension immediately by the Deputy Registrar of Cooperative Societies.
It was found that Rs. 31.60 lakh was given as gold loan for pledging 200 g of imitation jewellery.
It was found that gold appraiser C. Suresh alias Samy of S. Pudupatti, who was working on commission basis, indulged in the malpractice.
Of the total Rs. 31.60 lakh, Rs. 13 lakh was recovered from the appraiser.
With a view to recover the balance amount, his bank accounts were freezed and some land documents were also seized from him.
Based on a complaint lodged by the Cooperative Department, the Economic Offences Wing of the district police arrested T. Jayanthi, Secretary and N. Murugan, the Cashier.
Welcoming the legal action, Mr. Dillibabu demanded a thorough probe into the functioning of all PACBs in the district.
The malpractice detected in PACB here was only a tip of an iceberg and more such malpractices might come to light if a thorough enquiry was ordered, he said. Mr. Dillibabu also submitted a petition to the Collector K. Vivekanandan in this regard.
Mr. Babu said that he was also concerned over delayed action though the culprits were caught red handed by the officials. Delayed action is delayed justice, he said.
He demanded that the District Collector should intervene in this matter and recover the defrauded amount through auctioning of the properties of the persons involved.
Police launched a manhunt for the appraiser C. Suresh alias Samy of S. Pudupati village.
Arrested officials were produced before a local court and were remanded in judicial custody.
In another incident, three persons including the Secretary Venkatesan, Senior Clerk Anandan and Clerk Rajendra Varman were arrested for defrauding Rs. 19.50-lakh in Cooperative society in Krishnagiri.
They were involved in malpractices including creating bogus documents for leave encashment for workers and showing increased sale in books of accounts to the tune of Rs. 19.50 lakhs at the Chennasandiram Primary Agriculture Cooperative Society near Veppanahalli.
On the basis of complaints lodged by the Deputy Registrar of Cooperative Societies, the Economic Offences Wing of the district police arrested the trio and remanded them to judicial custody.
