Co-op: Financial frauds in Odisha

A rash of financial frauds has recently come to light from the cooperative banking sector of Odisha. The state govt. would soon initiate action against a slew of functionaries of Khurda central cooperative bank for their involvement in financial mismanagement.

The Khurda bank officials are alleged to have swindled about Rs. 40 lakh. Sometime ago , the state govt. had given half a dozen employees of the Odisha state cooperative bank their marching orders for defrauding the bank of Rs. 70 crore.

Official sources claim inquiries have revealed dishonest transactions in several cooperative societies under Khurda central cooperative bank. The registrar of cooperatives has been asked to punish the guilty without delay, inform sources.

In a move aimed at purging the cooperative banking sector of corrupt officials, the state govt. gave several of them the sack for their criminal activities, sources add.