Odisha orders probe into 15 co-op societies

The state cooperation department has ordered probe into the operations of 15 multi-state cooperative societies amid growing cases of chit fund fraud.

"The department has constituted 15 teams each consisting of two auditors and the entire probe will be overseen by two joint registrars," said cooperation minister Bikram Keshari Arukh. The direction for probe comes after the Centre wrote to the state on May 29, pressing the need for investigation into the functioning of these 15 cooperative entities. "The team will enquire into the memberships, financial position and mode of operations of the cooperative societies. After the completion of the probe, we will inform the Centre accordingly," informed the minister. Out of 15 cooperative societies, 11 are from Bhubaneswar and one each from Bhadrak, Balasore, Berhampur and Kendrapada districts. These firms include Artha Tatwa Group, SLB, Specimen, Swastik India, Sai Kishore, Vista Credit, Mideast, Sri Gayatri, Sunraj, Microfinance, Evos, Rajiv Gandhi Memorial Multistate, Green India, Utkal Multistate and Jansahyog Sahkari Credit Society.