Tribune reports chief auditor of cooperative societies has detected a Rs 1.68-crore scam in Punjab State Cooperative Development Federation (PUNCOFED), a part of the cooperative department promoting cooperative education and training.
The scam involves Rs 47.84 lakh.
According to the media report several functionaries of the federation including an assistant press manager, an additional registrar, chairman, vice-chairman, MD and several directors were involved in embezzling funds. The main allegation against all the accused is over-withdrawal of their salaries.
Informed sources say the fraud had been going on for long.