Solan: Rs 18 crore embezzled, co-op society members cheated of life savings

Tribune News Service

Ambika Sharma

Solan, March 27

Nearly 2,800 members of the Subathu Urban Co-operative Society have been allegedly cheated of their savings by the managing committee members, who disbursed loans worth Rs 18 crore to their kin over and above their limit despite defaulting several times.

Recovery process underway

Assets to the tune of Rs 10-13 crore of the erring members of the managing committee have been attached and recovery proceedings are underway. — Girish Nadda, Assistant Registrar Co-operative Societies

Loans to the tune of Rs 14 crore were disbursed in violation of the norms. The embezzlement came to light during an audit conducted into the society accounts last year.

The aggrieved members, comprising a large number of women, today held a protest at the office of Assistant Registrar Co-operative Societies (ARCS), Solan, demanding their savings back. The hapless members had invested amount ranging from Rs 60,000 to Rs 20 lakh in the society. ARCS Girish Nadda said the Rs 18-crore embezzlement came to fore in an inquiry conducted into the accounts of the society a few months ago.

“Following the findings, the managing committee was dissolved and a new committee was constituted through elections. An administrator was appointed to overlook the affairs of the society. The recovery proceedings have been initiated,” Nadda added.

He said the third hearing into the case was held today where the advocates representing the erring members stated that the embezzled amount would be deposited within a week.

The members pressed for immediate arrest of the erring members who were yet to give back the embezzled amount.

Bhim Bahadur Thapa, a veteran of the 1962, 1965 and 1971 wars, who had invested his life’s savings, said, “I won the 1962, 1965 and1971 wars, but lost the battle

of getting back my

money from the co-operative society.”

He was struggling to get back Rs 13 lakh at a time when his wife is undergoing cancer treatment.

“Assets worth Rs 10 to 13 crore of the erring members have been attached and recovery proceedings were underway. Efforts were afoot to attach their movable and immovable properties following which auction process would be initiated to recover the entire amount,” stated Nadda.

Suresh Chander Sharma, who was among the founding members of the society, stated that it was in August-September last year that the embezzlement came to fore.

“In 1997, the society was revived and was doing well. It had members from across the district, but the managing committee members distributed loans to their near and dear ones and embezzled Rs 18 crore,” Sharma said.

About The Author

Tribune News Service

The Tribune News Service brings you the latest news, analysis and insights from the region, India and around the world. Follow the Tribune News Service for a wide-ranging coverage of events as they unfold, with perspective and clarity.

#Solan