Odisha Cooperative Sector Sees Rs 3,579 Lakh Irregularities In 5 Yrs: Minister Informs Assembly

Bhubaneswar: Financial irregularities to the tune of Rs 3579.81 lakh allegedly took place in the cooperative sector involving the state, central, and urban cooperative banks and other agencies in Odisha, the state Assembly was informed on Wednesday.

This information was given by Cooperation Minister Atanu Sabyasachi Nayak in reply to a written question by Khandapada MLA Soumya Ranjan Patnaik.

The fraud amount stood at Rs 1733.96 lakh in state and central cooperative banks, while irregularities in urban cooperative banks amounted to 1845.85 lakh, the Minister said.
The irregularities have been reported since 2018, he said.

As per the provisions of Orissa Co-operative Societies Act, 1962, annual and special audits are conducted to find out the loan and other financial irregularities. During the audit, the amount of fraud and other details are divulged.

Based on the particular evidence, departmental proceedings are initiated against those who are found involved in the fraud. Action is also taken against them as per the rules enshrined in Orissa Co-operative Societies Act, 1962. If required, civil case is filed against them in the court.