Malkangiri: Manager of Koraput Central Cooperative Bank in Odisha’s Malkangiri district, Subhendu Khara, was suspended after an internal inquiry revealed alleged financial irregularities amounting to Rs 1.07 crore.
The irregularities came to light during the March financial closing when account records showed major discrepancies in transactions linked to Large Area Multipurpose Societies (LAMPS).
According to sources, in-charge of the Malkangiri LAMPS branch handed over Rs 77 lakh directly to the manager instead of depositing i
t through the bank’s cashier in a clear violation of standard procedure. Khara allegedly issued a fake receipt for the amount. Similar violations occurred at the Potteru LAMPS in Kalimela tehsil, where the in-charge reportedly gave Rs 8.10 lakh initially and later Rs 21.95 lakh to the manager, raising further suspicion.
The total misappropriated amount is pegged at 1,07,65,000. “Subhendu Khara served as bank manager from September 10, 2025 to April 4, 2026. I received allegations against him and two officers were appointed to conduct an inquiry. He was suspended on the basis of the findings,” Deputy Registrar of Cooperative Societies Thiophil Sabar told a local news channel.
Investigations suggested that the manager diverted the money through various channels rather than crediting it to the bank accounts. A case has been registered at Model police station, and efforts are underway to recover the misappropriated funds.