Co-op bank manager, 2 others held in fraud case

The manager of a local branch of Chandrapur District Consumer Co-operative (DCC) Bank was among three arrested in connection with misappropriation of Rs 25 lakh in Warora taluka, police said today.

"The Maharashtra State Cotton Marketing Federation, which is in the process of repaying share capital to cotton growers in the district, had issued a total payment of Rs 7.7 crore meant for disbursal among 35,000 cotton growers, but the local sales-purchase committee of co-operative department misappropriated Rs 25 lakh", said Superintendent of Police, Chandrapur, Ravindra Kadam.

He alleged that these officials, in connivance with DCC Bank local branch manager DR Wagh, disbursed amounts less than what were encashed.

About 27 persons were detained by the Warora police till last night, Kadam added. They have been booked under the relevant section of IPC for misappropriation.

Police said the federation was disbursing share capital of three per cent to cotton growers drawn from about 197 villages in the Chandrapur district. A majority of the farmers were unaware of actual payment due to them.

As per the provision, the federation makes payment to cotton growers through DCC Banks who utilise the services of the sale-purchase committee, police added.