Four branches of district cooperative bank in Raisen in Madhya Pradesh have been sealed following revelation of fraudulence in purchase of threads for stitching wheat bags. Nearly 400 cartons of threads were recovered from these four branches.
This time the cooperative societies buying wheat were supposed to buy threads but officials of these banks outsourced its supply through a private company in Indore. This explains why cartons of threads had been kept in the branches of the bank and preparations were in progress to reach them to the societies.
The district collector had ordered an enquiry when he had information from an informer in this connection. Based on this intelligence, the local administration formed four teams and made raids on all the four branches.
District officials said instead of the district cooperative bank, the societies had to purchase threads. Meanwhile, cooperative officials have said they have no clue as to who kept these cartons of threads in the branches.