Complaints of irregularities surfaced in cooperative society


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Criticism of irregularities in cooperative society

Based mostly on his grievance, the Banashankari police have registered a grievance towards the society’s director, secretary, one other financial institution and a few others and are investigating.

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Jayakumar HK, CEO, Kempegowda Credit score Cooperative Society Ltd. has filed a grievance alleging irregularities of Rs 1.5 crore within the society.

Based mostly on his grievance, the Banashankari police have registered a grievance towards the society’s director, secretary, one other financial institution and a few others and are investigating.

In line with Jayakumar’s grievance, the accused took a mortgage in a financial institution towards the bonds of the society and transferred round Rs 1.5 crore to their private accounts.

Jayakumar advised the police that the society has round 11 fastened bonds value over Rs 3.37 crore. The secretary and one of many administrators of the committee have solid sure paperwork to indicate that the administration has given them the ability to switch or withdraw about eight surety bonds.

He took a mortgage of Rs 1.52 crore within the identify of the society with the assistance of one other financial institution supervisor. However the quantity was transferred to their private accounts.

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