RCS seeks EOW probe into Balasore coop society fraud

AS deposits amounting to ₹5.6 crore remain unpaid to members of Panapana Service Cooperative Society (SCS) in Balasore district for more than four years due to large-scale financial bungling by the management, the Registrar of Cooperative Society (RCS) on Saturday requested the state government to refer the case to the Economic Offence Wing (EOW) for investigation.

- BIJOY PRADHAN @ Bhubaneswar

The office of the RCS has also directed the deputy registrar cooperative society (DR CS), Balasore division, to initiate criminal as well as departmental proceedings against the officials of the cooperative society for recovery of the embezzled amount.

An inquiry into the financial affairs of the Panapana SCS for five years from 2016-17 to 2020-21 revealed that deposits of members outstanding with the society was ₹5,59,88,819 as principal and ₹25,55,112 towards interest. A total amount of ₹5,85,43,931 was due to the depositors as on March 31, 2021.