Rayagada: The Odisha Vigilance on Friday arrested Tarini Prasad Tripathy, Managing Director of K Singhpur Large Area Multi-Purpose Co-operative Society (LAMPCS) in Rayagada district, for alleged misappropriation of Rs 75 lakh funds.
According to Vigilance officials, the fraud was committed between 2024 and 2026 through
systematic manipulation of official records and documents.The embezzled amount primarily consisted of savings and deposits made by members of the co-operative society, raising serious concerns about the breach of trust and the financial security of local stakeholders who rely on such institutions for their banking needs.
A case has been registered at Koraput Vigilance police station under the Prevention of Corruption Act, 2018, and relevant sections of the Bharatiya Nyaya Sanhita (BNS), 2023.
Tripathy was produced before the court on Friday and is currently in judicial custody.
Further investigation is underway to determine financial transactions and possible involvement of other individuals in the fraud.