Co-op society MD arrested in disproportionate asset case

The managing director of Nabarangpur Large Area Multi-Purpose Co-Operative Society (LAMPCS) in Odisha was arrested by anti-graft vigilance sleuths today for allegedly possessing disproportionate assets worth Rs 2 crore.

In course of inquiry and search conducted yesterday at the residence of Nilambar Satapathy and other premises in Nabarangpur district, Satpathy was found in possession of assets to the tune of Rs 2,02,24,197, a vigilance release here said.

Vigilance sleuths had simultaneously searched Satapathy's house at Gulipatna, a double storied building at Hatpada where a school is functioning under a trust owned by his spouse and son, a double storied building let out on rent at Umarkote, a single storied building let out on rent at Gulipatna, his office chamber at Nabarangpur and house of a relative at Gulipatna, it said.

A case was registered against Satapathy for possession of disproportionate assets, which he could not account for, it said.

Satapathy was arrested today and forwarded to the court of Special Judge, Vigilance at Jeypore and remanded to judicial custody till July 7, the release said.