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Multi-crore co-op society scam: Punjab Vigilance arrests one more

During a surprise audit by the technical team of the Cooperative Department, it was found that the fixed deposits and loans taken by the society members between 2012 and 2018 were embezzled to the tune of Rs 4,24,02,561.

Statesman News Service | Chandigarh |

Multi-crore cooperative society scam: The Vigilance Bureau (VB) of Punjab on Friday arrested Ram Pal, an accused in a multi-crore misappropriation case amounting to over Rs 4 crore in a cooperative society in SBS Nagar district.

A member of Kajla Multipurpose Cooperative Society Limited at Kajla village in SBS Nagar, Ram Pal, accused of embezzling Rs 4,24,02,561 from the society along with six others, was on the run.

According to an official statement, former secretary Prem Singh, secretary (under suspension) Bhupinder Singh and former member Harjit Singh, all residents of Kajla village, have already been arrested.

A spokesperson of the VB said that there are about 1220 account holders or members besides two paid employees in the above cooperative society. It owns two tractors besides agricultural machinery for cultivation of land.

This apart, the society also sells insecticides and pesticides to its members or farmers. Various members of this society made fixed deposits worth crores of rupees in the society.

During a surprise audit by the technical team of the Cooperative Department, it was found that the fixed deposits and loans taken by the society members between 2012 and 2018 were embezzled to the tune of Rs 4,24,02,561.

The spokesperson said the VB registered an embezzlement case against seven employees of the society on September 5 this year under various sections of the Prevention of Corruption Act at VB Police Station, Jalandhar. He said that raids are being conducted to arrest the remaining three absconding employees.