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Punjab | Vigilance unearths ₹4cr scam in co-op society, seven booked
A vigilance spokesperson said that on checking the records, it came to fore that employees and elected representatives of the Kajla Multi-Purpose Cooperative Society Limited embezzled over ₹4.24 crore in connivance with each other, causing a huge loss to the society. Three accused have been arrested
Seven persons were booked for fraud after the Punjab vigilance bureau unearthed a multi-crore scam in Kajla Multi-Purpose Cooperative Society Limited, Nawanshahr, on Monday. Three of the accused have been arrested.
A vigilance spokesperson said that on checking the records, it came to fore that employees and elected representatives of the society embezzled over ₹4.24 crore in connivance with each other, causing a huge loss to the society.
He said on the basis of investigation, secretary Prem Singh, secretary (under suspension) Bhupinder Singh, former president Jaswinder Singh, vice-president Harvel Singh, former members Harjit Singh, Balkar Singh and Ram Pal have been booked.
Prem Singh, Bhupinder Singh, and Harjit Singh have been nabbed.
The FIR has been registered under Sections 408 (criminal breach of trust by clerk or servant), 420 (cheating), 465 (forgery), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 477-A (falsification of accounts), 120-B (criminal conspiracy) of the Indian Penal Code and Sections 13(1)A, 13(2) of the Prevention of Corruption Act at vigilance bureau police station, Jalandhar.
The spokesperson said there are about 1,220 account holders/members in Kajla multi-purpose cooperative society and it has two tractors, besides agricultural machinery for cultivation of land. The society also sells insecticides and pesticides to member farmers. The members of this society have deposited FDRs worth crores in the society.
On checking records from year 2012-13 to the year 2017-18, the loans taken by members of the society and their deposits were found to be siphoned off.
