Minister Admits Rs 370 Cr Fraud In Cooperative Banks, Agencies

Bhubaneswar: Cooperation minister Surya Narayan Patro on Monday made a shocking revelation in the Odisha Assembly stating that there has been Rs 370 cr fraud in Cooperative banks, societies and agencies.

Admitting of the huge fraud in a written reply to a question of BJP member Dilip Ray, the minister said as per the audit report received by the state government, the quantum of fraud amounts to Rs 370, 69,99,000.

The financial fraud has taken place in the Odisha State Cooperative Bank, 17 Central Cooperative Banks, 16 Urban Cooperative Banks and 7037 cooperative societies and agencies, Patro said, adding that about 20,424 persons are involved in the fraud.

The minister further said the department has issued 20,466 surcharge proceedings has been initiated against 20,424 persons for collection of for recovery of the amount.

He also informed that Rs 5,83,53,147 has been recovered till date from 649 surcharge proceedings against 1173 persons of 18 cooperative institutions.