Complaints of irregularities surface in cooperative society

CEO of the Kempegowda Credit Cooperative Society Ltd Jayakumar H K has filed a complaint alleging irregularities to the tune of Rs 1.5 crore in the society.

Based on his complaint, Banashankari police have filed a complaint against the society’s director, secretary, another bank, and a few others, and are investigating.

According to Jayakumar’s complaint, the accused have raised the loan in a bank against the society’s bonds and diverted around Rs 1.5 crore to their personal accounts.

Jayakumar told police the society has around 11 fixed bonds worth over Rs 3.37 crore. The secretary and one of the directors of the society have forged a few documents to show that the management has given them powers to transfer or withdraw around eight fixed bonds.

With the help of another bank manager, they took a loan of Rs 1.52 crore in the society's name. But the amount was transferred to their personal accounts.

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