Odisha minister admits Rs 370 cr fraud in cooperative sector

Odisha government has admitted that there has been a fraud of about Rs 370 crore in the cooperative sector involving cooperative banks and agencies.

Cooperation Minister S N Patro said this in a written reply to BJP member Dilip Ray in the Assembly yesterday.

According to the audit reports received by the state government, the financial irregularities to the tune of Rs 370 crore has come to the fore in state cooperative banks, central cooperative banks and some cooperative agencies, the minister said.

Patro said that about 20,424 persons are involved in the fraud and the government has initiated 20,466 surcharge proceedings for recovery of the amount.

He also said that a sum of Rs 5,83,53,147 has been realised till date from 649 surcharge proceedings against 1173 persons of 18 cooperative institutions.

He said the fraud was detected in 7,037 cooperative bodies, including the Odisha State Cooperative Bank (OSCB), 17 Central Cooperative Banks (CCBs) and 16 Urban Cooperative Banks (UCBs).